Mujica Victory Likely, But Not Guaranteed

While Frente Amplio candidate José Mujica has failed to secure a first-round victory in the general election held on October 25, we still expect him to succeed incumbent President Tabaré Vázquez. That said, the possibility of a victory for Luis Alberto Lacalle, the opposition Partido Nacional candidate cannot be ruled out. Should this play out, we caution that policy impasse and legislative polarisation could undermine some of the country's long-term economic potential.

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