CEO Support for Peru President Plunges to 12% From 71% in a Year

(Bloomberg) -- One of the world’s most unpopular presidents is losing support among a powerful constituency: the chief executives of Peru’s largest companies.

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Just 12% of CEOs now approve of the job being done by the administration of President Dina Boluarte, down from 71% a year ago, according to an Ipsos survey published by weekly Semana Economica.

That result puts Boluarte’s approval among business leaders much more in line with the 6% popularity rating she has among the general population, according to Ipsos.

When Boluarte came to power in late 2022, she initially had significantly more support among business leaders than with the population at large. But the country went through a recession in 2023, undermining optimism within the business community.

“This unpopularity is a problem of communication, a problem of image, that is why we are doing so much to try to reverse it,” said Gustavo Adrianzen, the country’s prime minister in a press conference with foreign media in Lima. “I am sure that this 12% among CEOs will reverse.”

Adrianzen is now touting the economy’s surprising recovery in April, when it expanded 5.3% compared to a year earlier, more than twice the median estimate of economists surveyed by Bloomberg. Adrianzen said the recovery will continue and the economy could expand more than previously forecast, as much as 3.5% for full-year 2024, which he hopes would boost business confidence.

Ipsos said it had surveyed 143 CEOs from Peru’s 2,500 largest companies for its study.

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