As Lula takes over, Brazil’s economic prospects are looking up
But he still has his work cut out: inflation is high, and debt and poverty rates soaring
AT FIRST glance Lula’s second presidential act looks badly timed. In 2002 Luiz Inácio Lula da Silva inherited an economy that had just been subjected to wrenching reforms. Lula governed capably, but was bolstered by friendly global forces: soaring demand for Brazil’s commodity exports, low global interest rates and a sagging dollar. He left office in 2010, having presided over average annual growth of 4.5%, a 50% increase in average Brazilian incomes, and a hefty drop in unemployment, poverty and government debt.
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This article appeared in the The Americas section of the print edition under the headline “Ready for relaunch?”
From the January 28th 2023 edition
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