President Luis Arce’s professional journey reflects Bolivia’s economic path from prosperity to decline

The president of Bolivia, Luis Arce, is a 60-year-old leftist known for opposing Washington-backed free-market and neoliberal policies. He studied economics in London and served as the economy minister under President Evo Morales. Arce succeeded Jeanine Añez as president in November 2020 following Morales’ departure.

Arce confronted the leader of the attempted coup – the general commander of the Army – at the government palace on Wednesday night. He asserted his authority and demanded the soldiers to withdraw, citing insubordination. Arce’s career reflects Bolivia’s economic trajectory, from a period of prosperity to downturn following the COVID-19 pandemic and Morales’ departure amid social tensions and military pressure.

Bolivia experienced significant economic growth and poverty reduction due to neoliberal reforms in the 1990s, transitioning from a low-income to a middle-income nation. However, the country faced challenges in recent years, with falling incomes, rising fuel imports, high food prices, and social unrest. Arce described the recession as the worst in 40 years and criticized his opponents for destabilizing the government with dreams of coups.