Economic Debate Dominates Colombian Election Campaign

Feb 18, 2026, 2:33 AM

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In the lead-up to the legislative elections in Colombia, economic issues have emerged as the focal point of political discourse. Despite alarming incidents of violence against candidates and ongoing corruption scandals, discussions around the economy are front and center, with particular emphasis on the minimum wage, fiscal deficits, and tax reforms .

The debate around the minimum wage has intensified, particularly following a controversial decree by President Gustavo Petro that sought to increase wages by 23%. This proposal, which far exceeds the 5.1% inflation rate, has been temporarily suspended by a State Council member, prompting widespread discussion among presidential candidates. Notably, opposition figures have mostly supported maintaining the wage increase, acknowledging the political risks of advocating for cuts just before an election. Abelardo de La Espriella, a prominent opposition candidate, argued for tax reductions for businesses instead, framing it as a means to protect jobs in the current economic climate .

Another critical economic concern is the growing fiscal deficit, estimated to reach around 16 trillion pesos (approximately $4.36 billion) by 2025. President Petro has declared economic emergencies twice in recent weeks to enact taxes by decree, although these measures have faced significant legal challenges. The Constitutional Court has ruled against the government's attempts to implement new taxes without congressional approval, complicating Petro's fiscal strategy during this critical election period .

Public sentiment regarding the economy is further complicated by the latest growth figures, which show an annual rate of 2.6%. This figure falls short of government expectations and has largely gone unnoticed amidst the more pressing discussions surrounding wage increases and tax policies. This indicates that the government may be more concerned with the immediate social impacts of its policies rather than long-term economic performance .

Opposition figures like Paloma Valencia have criticized the government's economic management, suggesting that the minimum wage increase was an attempt to distract from rampant corruption within the administration. Valencia's statement highlighted the belief that such measures are politically motivated, aimed at swaying public opinion ahead of the elections rather than genuinely addressing economic disparities .

As the elections approach, the urgency of economic discussions becomes more pronounced, evidenced by the broader public dissatisfaction with the current state of governance. Polls indicate that a significant portion of the population believes the country is heading in the wrong direction, primarily due to economic issues and systemic corruption. This discontent has fueled a rise in candidates who promise to challenge the established political order, pointing to a desire for change among the electorate .

Candidates across the political spectrum have condemned the entrenched corruption that has plagued Colombian politics for years, yet many of them are themselves tied to the very systems they criticize. While Gustavo Petro leads in polls, his alliances with established political figures have raised doubts about his commitment to real change. This paradox reflects the complex nature of Colombia's political landscape, where the desire for reform is often hindered by the realities of political affiliations and historical precedents .

Overall, as Colombia heads towards its legislative elections, the economy has taken precedence over other critical issues like security and corruption. Candidates are increasingly aware that the economic debate will likely define the electoral outcome, demonstrating the public's demand for concrete solutions to pressing financial challenges. With significant implications for the future of the country, these discussions will undoubtedly shape the political narrative in the weeks leading up to the vote .

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