Reports BRAZIL MARKET REPORT
Last year the country finally saw some improvements. Unemployment dropped to 7.8 per cent in August 2023, the lowest reading since 2015 whilst inflation, which peaked in April 2022 at 12 per cent, fell to 3.1 per cent in June last year and in January 2024 was 4.5 per cent. It is thought the economic policy of political leader Lula has played a huge part. President Luiz Inácio Lula da Silva was elected in January last year and is both head of state and government.
Inflation, financial instability, corruption, and high unemployment rates are however big issues.
After rapid growth the country entered a recession in 2014 as exports were hit alongside a political corruption scandal causing unrest and nationwide protests.
As the country slowly recovered the Covid pandemic then brought the country to its knees claiming more than 700,000 lives to date, the second-highest death toll worldwide. President Bolsonaro has been heavily criticised for his actions during the pandemic.
Since then the country has slipped into recession with high interest rates, inflation, and weather conditions affecting farmland all playing a part in a slow recovery.
Last year the country finally saw some improvements. Unemployment dropped to 7.8 per cent in August 2023, the lowest reading since 2015 whilst inflation, which peaked in April 2022 at 12 per cent, fell to 3.1 per cent in June last year and in January 2024 was 4.5 per cent. It is thought the economic policy of political leader Lula has played a huge part.
President Luiz Inácio Lula da Silva was elected in January last year and is both head of state and government.
P72 WIRE / PULSE / INSIGHT / REPORTS
Tis Lula’s third term as he was also president for two consecutive terms between 2003 and 2010 where he undertook radical reforms leading to GDP growth and a reduction in public debt and inflation. He was credited with welfare programmes that lifted an estimated 20 million out of poverty. He was succeeded by his former chief of staff Dilma Rousseff.
On the negative side however, his name was linked with several political scandals, in particular the infamous ‘Operation Car Wash’ investigation which led to a massive corruption scheme involving the government and state- owned enterprises.
Ultimately this led to his arrest and in 2017 Lula was convicted of money laundering and corruption charges and was sentenced to 12 years in jail. He served 580 days and was released in November 2019 and his imprisonment was ruled as unlawful and all charges annulled in 2021.
Lula then ran in the 2022 elections at the age of 77 narrowly beating incumbent President Jair Bolsonaro with 50.9 per cent of the votes against 49.1 per cent for Bolsonaro - it was the closest margin of victory for any candidate since democracy returned to the country in 1985.
His commitments are to fight poverty, increase housing programmes and develop economic
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