Elections Update: North Macedonia, Serbia, & Panama

North Macedonia

On May 8, 2024, parliamentary and second round of presidential elections were held in North Macedonia, resulting in a major win for the opposition center-right political party, VMRO-DPMNE and a defeat of the current governing party SDSM.

Parliamentary Elections: VMRO-DPMNE won 58 seats of the 120 seats in the parliament. DUI, an Albanian ethnic minority party and coalition partner of the current government came in second with 19 seats, followed by center-left SDSM with 18 seats. Three other political parties entered the parliament: a newly formed coalition of ethnic Albanian minority parties, VLEN, with 13 seats; far-left political party LEFT; and a newly formed center-left political movement ZNAM.

The winning party VMRO-DPMNE is currently in coalition talks with other political parties. The new government is likely to be confirmed by parliament by the end of June. VMRO-DPMNE will likely form a coalition with VLEN and ZNAM to secure a strong majority in the parliament.

Presidential Elections: In parallel to the parliamentary elections, the second round and runoff of presidential elections were also held on May 8, resulting in a win for Gordana Siljanovska Davkova, a candidate supported by center-right VMRO-DPMNE. President Siljanovska Davkova is the first Macedonian female president and assumed office on May 12, 2024.

Serbia

On May 2, 2024, the Serbian parliament approved a coalition government which newly elected Prime Minister Milos Vucevic described as a “government of continuity.” The newly approved government coalition comes after the December 17, 2023 parliamentary elections.

A lawyer by profession, Prime Minister Vucevic served as deputy prime minister and defense minister in the government of his predecessor, Ana Bnabic. The government was approved by 152 deputies in the 250-seat parliament. Most of the ministers in the 31-member government come from the ruling Serbian Progressive Party (SNS) which won the most votes in a national election last December, and five smaller parties that form a ruling coalition, with one-third of them being newcomers.

Panama

Overview: Panama held General Elections where Jose Raúl Mulino, a former Minister of Interior and Security and last-minute candidate won the presidency with backing from former president Ricardo Martinelli. Martinelli, a disqualified former president sentenced for money laundering, is currently seeking asylum.

Results: Mulino, a lawyer and politician, was elected with 34% of the vote and is set to take office on July 1st. His previous roles include Vice Minister of Foreign Affairs and Minister of Interior and Security under Martinelli. The General Assembly elections also surprised many, with independents securing the majority of seats, a feat no major party achieved. Additionally, an independent candidate was elected Mayor of Panama City.

Outlook: Mulino confronts multiple challenges: economic slowdown, reduced water levels in the Panama Canal, and the closure of the First Quantum copper mine, which heavily affects the national GDP. With the IMF forecasting a modest 2.5% GDP growth, Mulino’s strategy involves spurring economic growth through infrastructure investments and restoring fiscal order.