Convention offers paradigm shift to Chile constitution

Significance

Fears that the draft would be overly left-wing have proved largely unfounded but there are gaps that cause concern. Polls show the draft may not be approved in a plebiscite on September 4.

Impacts

• Public rejection of the constitution would be a major blow to the new president’s declining approval ratings.
• The transitory norms and laws to implement the constitution will be key to reassure investors.
• The process has failed to act as a channel for national dialogue to reach broad consensus in response to the social protests in late 2019.