Goldman Sachs
May 24, 2026
Colombia Presidential Election: Three for Two and Two for One
Macro ThematicMacro Economic IndicatorsFXRates Govt BondsEnergyHealth Care
The Colombian presidential race is a three-way contest where left-wing candidate Iván Cepeda leads first-round polls, but faces a tough runoff against right-leaning candidates Abelardo de la Espriella or Paloma Valencia.
Key Takeaways
- 1.The Colombian presidential election is a tight three-way race between Iván Cepeda (Left), Abelardo de la Espriella (Right outsider), and Paloma Valencia (Center-right).
- 2.A fragmented and polarized Congress is expected to constrain radical policy shifts regardless of the winner, limiting tail risks like a constituent assembly.
- 3.Fiscal concerns are a top priority for investors but are notably absent from the top concerns of Colombian voters, who are more focused on security and healthcare.
Table of Contents
- Three Presidential Contenders for Two Runoff Spots
- Mr. Cepeda Is the First-Round Frontrunner, Not Necessarily the Favorite
- Outsider-Type of Right Gaining Edge Over Traditional One
- Polarized and Fragmented Congress to Constraint Radical Policy Shifts
- Ideological and Regional Lines to Dictate Election Dynamics
- A Competitive Left vs. Right Runoff
- Congressional Outlook: Fragmentation Constrains Radical Shifts
- Fiscal Policy Platforms Likely to Be Fully Developed Only After Runoff
- Latam and Global Macroeconomic Outlook
- Latam Country Data Tables
- Latam Financial Markets Outlook
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Authors
Santiago TellezAlberto Ramos
Securities
USDCOPEC
Themes
Political Polarization and FragmentationFiscal Erosion vs Voter PrioritiesEnergy Transition Policy Debate
Regions
Latin AmericaColombiaBrazilMexico
