Economics
Brazil’s Faltering Economy Endangers Lula’s ‘Barbecue and Beer’ Promise
- Brazil’s GDP fell 0.2% q/q in 4Q; grew 2.9% in full-year 2022
- Lula’s honeymoon is cut short just two months into his term
This article is for subscribers only.
President Luiz Inacio Lula da Silva promised to bring prosperity back — “barbecue and beer” for all — if he returned to Brazil’s top job. Two months into his presidency, the economy he inherited is cutting his honeymoon short and has him rushing to stem the damage.
Official data released Thursday showed Brazil’s gross domestic product shrank 0.2% at the end of 2022, snapping five straight quarters of growth. The downturn is widely expected to continue this year.