Lula Advised to Emulate Biden’s Infrastructure Plan If Elected
- Ex-Minister Mantega says public spending needed for recovery
- Mantega rules out returning as minister, plans to advise Lula
Expansion of Brazil's international airport of Guarulhos under the administration of President Dilma Rousseff in 2013
Photographer: Paulo Fridman/This article is for subscribers only.
Brazil needs a large infrastructure plan akin to that sponsored by the Joe Biden administration to pull the economy out of recession amid an increasingly adverse international scenario, according to a senior adviser to presidential front-runner Luiz Inacio Lula da Silva.
Guido Mantega, who became finance minister in 2006 under Lula, cautioned that an aggressive monetary tightening by the U.S. along with slower Chinese growth will make the recovery of Latin America’s largest economy much tougher in the next few years. Such a combination is potentially “deadly” for Brazil, he said.