Peru Votes With Nine Presidents in a Decade as the Backdrop
On April 12, more than 27.3 million Peruvians went to the polls in one of the most fragmented and consequential elections in the country's recent history. With 35 candidates on the ballot and a record number of undecided voters heading into election day, no one expects a first round winner. A runoff is almost certain for June 7.
The political backdrop is extraordinary. Peru has had nine presidents in ten years. Three have come and gone since October 2025 alone. The most recent interim president, an 83 year old former judge, spent weeks unable to assemble a functioning cabinet. And yet the economy has largely shrugged it off. Growth exceeded 3% for a second straight year in 2025. Inflation sits at just 1.4%, one of the lowest rates in the region. Exports are hitting records, led by copper and gold. Credit default swaps and country risk premiums have barely moved.
Bloomberg described the situation as a peculiar resilience in the face of nonstop political turmoil. The IMF has been less positive, warning that lingering political uncertainty weighs on economic prospects. The fund expects growth to moderate this year. The central question facing voters is not macroeconomic policy but security. In polling, 66% of Peruvians named crime and violence as their top concern. Extortion crimes increased 1,000% between 2023 and 2025. The next president will need to tackle the criminal economy without dismantling the fiscal discipline that has kept the market economy functioning.
Key Figures: • Peruvian voters registered (April 12): 27.3 million (RENIEC) • Peru GDP growth (2025): above 3% for second consecutive year • Peru inflation: 1.4%, among the lowest in Latin America •Presidential candidates: 35 registered
