Costa Rica's former Finance Minister Rodrigo Chaves has been elected President in Sunday's elections and will take over on May 8.

With a six-point lead over his centrist opponent Figueres, and 96% of the votes counted, Chaves made his victory speech before a crowd of supporters in the capital San Jose. "I receive with the deepest humility this sacred decision of the Costa Rican people... This result for me is not a medal or a trophy, but an enormous responsibility," he said.

Figueres congratulated Chaves in his concession speech and wished him well, "Costa Rica has voted and the people have spoken. Since we are democrats we respect that decision." 

With 23% of the population living in poverty and unemployment at 14%, the campaign was dominated by talk of how the two candidates would handle the economic crisis.

Chaves, a 60-year-old economist, will take over from Carlos Alvarado next month and will need to tackle the challenge of reigniting an economy in crisis, which was hit hard by the coronavirus pandemic. 

Costa Rica is been described as the "happiest" country in Latin America and is praised for its political stability.