The most politically relevant news of the month was the election of Claudia Sheinbaum as the first female president in Mexico’s history, with her parliamentary group and allies likely able to easily pass constitutional reforms.
After several months of effort, Colombian President Gustavo Petro achieved a significant legislative victory with the approval of his pension system reform. His Argentine counterpart, Javier Milei, also secured a win with the narrow support for the Ley de Bases in the Senate. Additionally, the country recorded the lowest monthly inflation in two years, although it is expected to rise again in the coming months.
In neighboring Uruguay, polls indicate that the favorite candidates from each party increased their lead over competitors for the June 30 primaries. Meanwhile, local primaries in Chile showed the advancement of parties aligned with Boric’s government and Renovación Nacional, to the detriment of traditional parties.
Elections also dominate the current landscape in Ecuador. President Daniel Noboa should request leave for the 2025 campaign, but he seeks to avoid the vice president assuming his duties due to their poor relationship. Economically, agreements with China and the IMF could provide a positive boost. In this area, Peru presents encouraging data, with a GDP growth forecast of 3% for this year. However, President Dina Boluarte faces a high disapproval rate and has already accumulated four motions of censure.
Brazil continues to deal with the aftermath of the floods that affected the south of the country, and the government has appointed a special minister to coordinate the reconstruction. Despite an increase in the inflation projection for 2024, the GDP growth forecast also rose, while unemployment decreased.
