(Bloomberg) — Uruguay elected Yamandu Orsi of the left-wing opposition party to become the nation’s next president in a runoff vote Sunday, joining an anti-incumbent trend in the Americas as voters’ worries about inequality and crime spurred change.
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President Luis Lacalle Pou called Orsi to congratulate him on winning the South American election moments before the incumbent candidate Alvaro Delagdo conceded the race before the official count was finalized.
Preliminary results from Uruguay’s Electoral Court showed Orsi winning with 49.8% of votes against 45.9% for Delgado from more than 98% of the voting stations reporting by 11:00 p.m. local time.
“I am going to be a president that creates a better integrated society and country where nobody will ever be left behind from an economic, social and political point of view,” Orsi said in front of supporters gathered at a victory rally, waving flags and celebrating.
Uruguay is the latest country to oust an incumbent party this year with Orsi successfully tapping voter angst about persistently high violent crime and an economic recovery that has left many behind. However, the South American nation famous for its stability in a volatile region isn’t veering toward a sharp ideological change as seen in Brazil, Colombia, Argentina and the US.
Orsi, 57, pitched himself as the “safe change” candidate, while Delgado campaigned under the slogan “re-elect a good government” in reference to the Covid-19 policies and job growth under Lacalle Pou. Both ran as predictable mainstream candidates rather than disruptive outsiders.
Uruguayans, meanwhile, have already rejected a proposal to dismantle the country’s $23 billion pension system that had markets on edge about the nation’s safe-haven reputation.
Uruguay elects a new congress and president once every five years with no mid-term elections. The Broad Front won control of the 30-member senate and 48 of the 99 seats in the lower house in general elections Oct. 27. Orsi will lead Uruguay’s fourth Broad Front government when he starts his five-year term March 1, 2025.
Orsi will inherit an economy the central bank sees growing 3.5% through 2025 with an unemployment rate that fell to a three-year low of 7.3% in October. Tight monetary policy has tamed years of high inflation with consumer prices hewing to the central bank’s 3% to 6% target for 17 consecutive months.
