Opposition candidate wins Panama election

PANAMA: Ricardo Martinelli swept to victory in Panama's Presidential election on Sunday.

The opposition candidate's business experience swayed voters worried about their livelihoods in a global recession that has stunted Panama's recent stellar economic growth.

The electoral tribunal declared Martinelli the winner as results showed him taking an unassailable lead of 61 percent of the votes, against 37 percent for Balbina Herrera of the ruling center-left Revolutionary Democratic Party.

The government has struggled to rein in crime and high prices and Martinelli managed to win over many low-income voters. "We can't continue to have a country where 40 percent of Panamanians are poor," he said in a victory speech.

While the Government launched an ambitious $5.25 billion expansion of the canal and is liked by foreign investors, Martinelli is seen as more friendly toward business.

Panama, which uses the dollar as its currency, last year suffered its highest inflation levels since the early 1980s.

Inflation has since tamed as economic growth slows down but voters anger at higher prices has lingered.

Panama City, Reuters