By Jeffrey T. Lewis 

SÃO PAULO--Brazil's presidential race is headed to a second round after President Dilma Rousseff won the most votes on Sunday but failed to clinch the majority she needed to win a second term outright. The leftist Ms. Rousseff will face the more conservative Aécio Neves in a runoff on Oct. 26.

The volatile election campaign has been marked by big swings in polls and the death of a candidate in an August plane crash. With 94% of the vote counted, Ms. Rousseff won 41% compared with 34% for Mr. Neves. Marina Silva, an environmentalist, took 21%. Ms. Silva briefly led in polls after joining the race late to replace the Socialist Party's Eduardo Campos, who died in the crash.

"We're on a roller coaster," said André Cesar, a political consultant based in the capital, Brasília.

The tight election reflects uncertainty about the path forward in a resource-rich nation coming to grips with a waning commodities boom. Just four years ago, Brazil's economy was surging forward at a 7.5% pace as the boom promised to lift millions from poverty and speed Brazil's development.

But the economy is undergoing a wrenching economic U-turn.

Brazil slipped into recession this year after four years of stagnation, and inflation is on the rise. The state-owned oil company Petróleo Brasileiro SA is mired in alleged embezzlement and other scandals. Since Ms. Rousseff took office, the real has lost a third of its value against the dollar and the stock market is down by 21%.

Underscoring the national anxiety, around a million mostly middle-class protesters took to the streets last year demanding better governance. Placards criticized everything from poor hospitals and schools to corruption and the $11.5 billion price tag to host the World Cup. Ms. Rousseff's popularity plunged, prompting predictions that her left-wing Workers' Party was vulnerable to losing the election after 12 years in power.

"The country has to change," said Salete Lopes, a 69-year-old from the working-class neighborhood of Tijuca who voted for Mr. Neves but only decided a few days before the election.

Mr. Neves, a conservative from the more-developed south, was propelled into the second round by a late surge. After trailing by 20 points in August, he ran a tough campaign to convince anti-Rousseff voters he was better poised to unseat the incumbent than Ms. Silva.

The results mark a stunning reversal for Ms. Silva, an activist who grew up poor in Brazil's Amazon forest. and entered politics alongside the slain Amazon activist Chico Mendes in the 1980s. She inspired enormous optimism that her compelling life story could help her win votes away from Ms. Rousseff among the poor. But her campaign withered amid organizational problems and a barrage of negative advertising.

Ms. Rousseff, meanwhile, goes into the second round as the favorite. A former Marxist guerrilla turned politician, the 66-year-old economist is campaigning to extend her left-wing Workers Party's 12-year hold on the presidency. She won her first term in 2010 largely on the popularity of her predecessor, Luiz Inácio Lula da Silva, a founder of the Workers' Party who was ineligible to run after serving two terms.

Ms. Rousseff is expected to unleash a negative ad campaign portraying Mr. Neves, who is backed by Brazil's wealthy, as out of touch with the needs of millions of poor who make up more than half of the electorate.

"Aécio's problem is that he is obviously an elite and it will be difficult for him to sell himself as the best person to administer the economy, and social programs, in a way that helps the poor," said Ricardo Ribeiro, a political consultant with MCM Consultores in São Paulo.

Ms. Rousseff is also seeking to grab a share of voters seeking change. even though she is the incumbent. One of her campaign themes is that projects designed to transform the country, such as new railroads and irrigation projects, will only be completed in a second term. One of her slogans is: "More Changes, More Future."

"Brazil has achieved a lot in the past four years, " said Waldemir Mello, a 53-year-old Rousseff backer in the middle-class neighborhood of Tijuca in Rio de Janeiro. "I want them to continue their current projects."

And while many better-off Brazilians are seeking change, millions of poor Brazilians have benefited from her government's social-assistance programs and are backing Ms. Rousseff as a continuity candidate.

During 12 years in power, programs such as Bolsa Familia, which pays a stipend to poor families to keep children in school, have greatly expanded social-welfare programs that have helped lift some 36 million from extreme poverty.

Ms. Rousseff "ended hunger in Brazil," said Divino de Oliveira Bento, a 64-year-old retired electrician who lives in a working-class are outside Brasilia and voted for Ms. Rousseff.

Loretta Chao in São Paulo, Paul Kiernan in Belo Horizonte and Will Connors in Rio de Janeiro contributed to this article.

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