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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Supermarket tycoon wins Panama election Sun May 3, 2009 10:10pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Mica Rosenberg and Sean Mattson PANAMA CITY (Reuters) - Supermarket tycoon Ricardo Martinelli swept to victory in Panama's presidential election on Sunday, bucking a trend of left-wing leadership wins in Latin America. The conservative 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. "Every 15 days I go to the market and food prices are higher. You can't buy meat anymore," said Oreida Sanchez, 36, a teacher, after voting for Martinelli in the capital's run-down neighborhood of Calidonia. Anti-American leftists like Venezuelan President Hugo Chavez have advanced in Latin America in recent years but Panama has long had close ties to the United States, which built the Panama Canal and ousted dictator Gen. Manuel Noriega in 1989. Herrera was once close to Noriega, which rankled with some voters. She conceded defeat and promised to be a strong opposition. Convicted of drug trafficking and money laundering by a U.S. court, Noriega is now in a Florida jail. ECONOMY DAMPENED Panama's economy has led Latin America with growth of around 10 percent in recent years, fueled by U.S.-Asia trade through its transoceanic canal and robust banking activity. But 2009 growth could slow to 3 percent or less as the global crisis hits credit and shipping. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: FACTBOX: Some facts about Panama Green Business Reuters Green Business Reuters introduces a new section dedicated to the emerging green technology sector, featuring five people to watch in the business of green and our global green portfolio. Full Coverage More International News Mexico breathes easier in flu epidemic | Video Australia delays carbon trade, may toughen target Karzai signs up for Afghan poll, names running mates Iraq rules out extension of U.S. withdrawal dates Nepal president defies Maoists over sacked army head More International News... Related News FACTBOX: Some facts about Panama 03 May 2009 FACTBOX: Panama's two main presidential candidates 03 May 2009 Editor's Choice Slideshow A selection of our best photos from the past 24 hours. 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