LatAm: political shifts and corporate resilience

Feb 10, 2026

2026 is a notable election year in Latin America, with a number of elections set to shape the region and determine its future. On a recent trip to Brazil and Chile, meetings with management teams of our companies and attendance at an investor conference meant that we gained fascinating insight into views on the ground.

Key takeaways

  • Right-wing candidates are gaining traction: voters are increasingly prioritising security and economic predictability over ideology, and are gravitating toward candidates promising order, discipline, and tangible growth prospects.
  • A new stage for Chile: new right-wing president José Antonio Kast is likely to pursue incremental changes including ministry appointments, pro-business reforms and R&D tax incentives. Yet while his intentions are undeniably constructive, the “how” remains unclear.
  • Brazil's October election remains uncertain: significant developments are likely between now and the election date, with potential for positive change.
  • Resilience of Brazilian corporates: the country’s leading companies have consistently delivered strong returns despite elevated interest rates, inflation, and political volatility in recent years. This underscores their operational strength and the quality of management.
  • A region well positioned for growth: Latin America can benefit from global commodity demand, clean energy transitions, nearshoring trends, and digital modernisation. Yet, the question remains as to whether leaders can genuinely respond to voters’ demands.

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