Brazil’s economy

Brazil has just had a crucial presidential election. Left-winger Luiz Inácio Lula da Silva has faced far-right incumbent Jair Bolsonaro. One key issue in this year’s election has been the economy.

During the tenure of incumbent President Bolsonaro, Brazil’s economic performance faced lots of ups and downs. After a strong recovery by 5% in 2021, GDP growth is expected to slow significantly in 2022, to 0.6%, before picking up to 1.2% in 2023. Rising inflation, the war in Ukraine, and tighter financial conditions have eroded economic sentiment and purchasing power.

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