Panama’s Presidential Election Won by Supermarket Tycoon

His business experience swayed voters concerned in the ongoing global recession. Martinelli's win also runs counter to the spate of recent left-wing wins in Latin America.

The electoral tribunal declared Martinelli the winner as results showed him taking an "indisputable" lead of 61% - 37% against Balbina Herrera of the ruling center-left Revolutionary Democratic Party.

Martinelli's term ends in 2014, and he will have to guide the country through the current global recession as well as the $5.25 billion expansion of the Panama Canal, which will increase its capacity and add the ability to accommodate larger ships.

Current President Martin Torrijos will hand over power to Martinelli in July.