The optimism engulfing Chile's leftist President Gabriel Boric as he took power in March has dimmed as inflation, social unrest and political missteps dent his popularity and fuel doubts about a push to steer the economy away from market-friendly policies
The former student protest leader handily won a presidential election in December, rattling business, particularly the mining sector, with his proposals to change tax laws to fund social spending and toughen environmental regulation. Chile is the world's top producer of copper and No. 2 producer of lithium.
How Boric fares is key for Chile and a barometer for leftist governments in the region and their ability to win over voters angry with high gas and food prices, cooling economic growth and the residual impact of the coronavirus pandemic. He pledged during the 2021 election campaign to "bury" the country's market-led economic model, though tempered his aims when he installed a market-friendly finance minister.But while Boric's environmental agenda and focus on inclusivity - women make up a majority of his Cabinet - have earned him plaudits, analysts said most voters were more focused on everyday matters.
"Once you're in power, you realize that the carrot isn't enough," added Bellolio. "Once the party was over and things went back to normal, it was logical that the themes of public safety were going to be a headache for the government."
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