Leadership in freefall: Peruvian CEOs' approval of Boluarte crashes to 12%

Peruvian business leaders have rapidly lost faith in the administration of President Dina Boluarte, with her approval dropping off a cliff over the last year.

A survey conducted among 140 Peruvian CEOs by Ipsos Perú for media outlet Semana Económica shows that disapproval of the president has surged to 87% as a result of the weak economy, lack of leadership, growing crime and lack of action to address a congress that has continued enacting populist measures.

On the flipside, executives' approval of Boluarte, who took over in July 2022 after president Pedro Castillo was ousted, has declined to a new low of 12%, tumbling from 71% a year ago, demonstrating the clear rejection of Peru's first female president.

Dissatisfaction with the president is now evident on all fronts. According to another Ipsos survey, only 6% of the public approves of Boluarte's management, a level not seen since the 1990s, while 90% disapprove.

Although last year, a significant part of the business sector's approval of Boluarte was due to Castillo's removal, since his leftist government had generated some fear and uncertainty in the private sector, this year's rapid drop in backing for the administration is largely explained by the president's poor management in several key areas.

According to the survey, the business community points to crime as the main concern, followed by social conflict and instability of the democratic system. A year ago, the context was a little different, as shown in the table below.

Main political and social risks for Peruvian CEOs

2023	2024
Reactivation of social conflicts	Increase in insecurity
Increased insecurity	Reactivation of social conflicts
Deterioration in the business environment	Instability of the democratic system
Instability of the democratic system	Deterioration of the State in general
Deterioration of the State in general	Crime and corruption in regions

Source: Semana Económica

One aspect in this list that is worth highlighting is that CEOs no longer consider the deterioration of the business environment to be one of their main concerns. 

Meanwhile, the general view that public institutions are weaker has grown significantly and almost 50% of those surveyed now view the 2026 presidential elections with pessimism.

Regarding direct links between companies and the government, some 46% of the respondents state that they have a bad or very bad relationship with public officials, a sizable jump from just 12% in 2023.