Pinera likely to win Chile elections, but runoff expected
SANTIAGO, Chile — Four years after leaving office as a deeply unpopular leader, Sebastian Pinera is a strong favourite to win Sunday’s presidential election in Chile, though he’s unlikely to avoid a runoff.
A flagging economy and other stumbles by the centre-left government of Michelle Bachelet appear to have warmed Chileans’ memories of Pinera, a billionaire businessman who was plagued by massive protests over inequality and education rights but oversaw economic growth averaging 5.3 per cent yearly during his term from 2010 to 2014.
The world’s top copper producing country has been hit by lower international prices and demand for the metal that is the backbone of its economy and the slump has cast a retrospective glow over Pinera’s reputation, who had favourability ratings of about 34 per cent when he left office.
Pinera, a 67-year-old conservative, promises to launch an aggressive investment plan to combat the slowdown that has seen growth average about 1.5 per cent yearly under Bachelet. The Harvard-educated entrepreneur with a fortune estimated at $2.7 billion is proposing to cut taxes on business to promote growth.