What Colombia’s presidential election means for its economy

The presidential race between Petro and Hernández will mark a new economic direction for Colombia no matter the winner.

Colombians head to the polls on Sunday (June 19) in a second-round presidential election that will mark a new direction for the country no matter the winner.

The race between Gustavo Petro, the leftist former mayor of Bogotá and an ex guerilla, and Rodolfo Hernández, a TikTok-savvy construction magnate, is the closest in recent memory, with polls pointing to a virtual tie. Both candidates represent a stark departure from the political establishment that has ruled Colombia for decades.

Though the Colombian economy has bounced back from the pandemic, it remains hamstrung by a huge informal sector—60% of workers are off the books—and some of the highest levels of inequality in the region. Nearly half of Colombians see the economy as getting worse, with the share increasing to almost 60% among the poorest. Both Petro and Hernández are promising radical changes.

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