Ecuador's President Guillermo Lasso has announced that he will not be running for re-election in the upcoming elections after polls showed him lagging behind his main rivals. Lasso, a former banker, won the presidency in 2021 and is popular with investors, but has struggled to gain the support of the general public.
In a statement to reporters in Quito on Friday, Lasso said, "After deep reflection, I would like to tell you that I won’t accept the candidacy for President of the Republic in the August elections." The new elections are for the remainder of Lasso's original term, which ends in May 2025, after he dissolved the National Assembly last month.
Polls published last week showed Lasso dead last among the main contenders for the presidency, with only 16.5% of voters saying they would vote for him. The polls also found that 32.2% of voters would back a yet-to-be-named contender endorsed by socialist former President Rafael Correa.
Lasso's tenure as president has been marked by a surge in violent crime, fueled by disputes between cocaine cartels, which has taken a toll on his popularity. He also faced opposition from a congress controlled by his political opponents, who made two attempts to impeach him. The second attempt appeared poised to succeed when he forestalled it by dissolving congress.
Despite these challenges, Lasso was able to cut the fiscal deficit and improve Ecuador's reputation as a serial defaulter, which led to a rally in the country's bonds after his election. However, this optimism has since evaporated, and Lasso's popularity has suffered as a result.
In the meantime, Lasso can still govern by decree until new authorities take office late this year. However, this may be a difficult task, as he will have to navigate a political environment in which he has little support and many challenges.