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Anxiety Grows Among Brazil Businessmen Over Delayed Economic Rebound

A person gestures to an electronic board displaying stock activity at the Brasil Bolsa Balcao (B3) stock exchange in Sao Paulo.
Photographer: Patricia Monteiro/Bloomberg

Brazilian businessmen that began the year with high hopes the economy would finally rebound amid optimism with President Jair Bolsonaro’s administration are growing increasingly impatient at just how slow things are going.

In private talks at an event last week, a handful of executives from some of the country’s largest companies expressed disappointment at the pace of the economic recovery, worry about the persistently high unemployment rate and, most of all, frustration about the progress being made on the economic agenda. They’re still optimistic the administration’s proposed pension reform will be approved in Congress, but with less savings and potentially later in the year than previously expected.