Ecuador Presidential Election: Right-Wing Lasso Confirmed Winner

[Asia Economy Reporter Yujin Cho] Guillermo Lasso, a banker and pro-business candidate, has won the Ecuadorian presidential election, according to reports by The Wall Street Journal (WSJ) and others on the 11th (local time).

Center-right CREO candidate Lasso secured 52.5% of the vote in the runoff election (with 97% of votes counted), leading his opponent, Andr?s Arauz of the center-left Union for Hope, by about 5 percentage points, effectively confirming his victory.

He told his supporters, "Today is the day all Ecuadorians decided their future. The people expressed through their votes the need for change and their hope for a better tomorrow."

His inauguration is scheduled for May 24, and his term will last four years. After taking office, Lasso will face the challenge of rebuilding the economy weakened by the COVID-19 pandemic.

Ecuador agreed last year to receive $6.5 billion in financial support from the International Monetary Fund (IMF), and its economic growth rate last year was -7.8% amid the impact of COVID-19.

Lasso, a former president of Guayaquil Bank and a businessman, began his political career as governor of Guayas Province in 1998. He also ran for president in 2013 and 2017, finishing second both times.

In his third attempt in this election, he promised to revive the economy through active attraction of foreign investment and job creation. He also pledged economic support for the agricultural sector.

Bloomberg News and others reported that Lasso's victory as a pro-market candidate is good news for foreign investors as well.

This content was produced with the assistance of AI translation services.