Brazil must maintain long-term economic focus
With a presidential election coming this October, Brazil appears to be suffering a “vibecession.” (File/AFP)
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Brazil’s economy is doing well by almost any measure. Gross domestic product has grown at about 3 percent for three consecutive years, unemployment is at historic lows and inflation has fallen from a post-COVID-19 pandemic peak of more than 12 percent to about 4 percent. And yet, with a presidential election coming this October, Brazil — like the US during Joe Biden’s presidency — appears to be suffering a “vibecession.” Despite strong macroeconomic data, half of Brazilians believe the economy has gotten worse over the past year, whereas only one in four thinks it has improved.
