Failure to deal with a widening deficit could undermine economic growth and his ambitions to position Brazil as the leader of the Global South.
JP Spinetto is a Bloomberg Opinion columnist covering Latin American business, economic affairs and politics. He was previously Bloomberg News’ managing editor for economics and government in the region.
Brazilian President Luiz Inácio Lula da Silva is an old man in a hurry. A 78-year-old who sees his sensational return to power after more than a year in prison as a vindication of his special place in Brazil’s history, he faces a big year. Brazil will lead the Group of 20, hosting a series of high-level meetings for the world’s most important nations that will culminate in a summit of leaders in Rio de Janeiro this November. It’s a chance not only to stake his claim to lead the Global South, a voice for those nations seeking to remain equidistant from the Great Powers, but also to showcase “Lulanomics,” the blend of populist spending and dirigisme that he has pursued since taking office.
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