Synthesis of the Brazilian Economy

BRAZIL ECONOMICS - Report 02 Sep 2019 by Affonso Pastore, Cristina Pinotti and Marcelo Gazzano

The “Bolsonaro style” of governing has been clearly revealed to the world by the fires that are multiplying in the Amazon: he started by confronting and accusing his critics of responsibility, but when faced by threats of commercial retaliation he did what he should have done from the outset, ordering deployment of military forces to help put out the worst fires and signing a decree forbidding burning in the region for 60 days. The immediate crisis appears to have been overcome, but the episode left deep wounds, especially to the country’s image abroad. The GDP growth of 0.4% in the second quarter was higher than expected, generating a positive talking point for the government. Although this performance does not assure faster recovery, it can help to soften some of the negative news coming from abroad, such as the deceleration of global growth and the suspension of payments of Argentina’s foreign debt.

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