April 24, 2024

Lulanomics Faces Test as Brazil’s Economy Slows, Spending Grows

In his first spell as Brazil’s president, Luiz Inacio Lula da Silva managed to keep both low-income voters and Wall Street investors happy. In his first year back in power, he’s pulled off the same rare trick.

The $2 trillion economy expanded close to 3% in 2023 — triple what analysts were expecting in January when Lula returned to office. Inflation has slowedBloomberg Terminal and polls show the president’s supporters, predominantly poorer Brazilians, feel that he’s delivering. Meanwhile the stock market jumped to an all-time record and the country’s credit rating was improved.

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