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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