Weekly Report - 24 November 2022 (WR-22-47)

BRAZIL: Uncertainty about Lula’s key economic policies rattle markets

After a week of being lauded and fêted at the United Nations (UN) Climate Change Conference (COP27) for his promises to re-include Brazil in the fight against global warming, president-elect Luiz Inácio Lula da Silva (Partido dos Trabalhadores, PT) returned to the country on 20 November to find a much more hostile environment awaiting him. As his inauguration (scheduled for 1 January) approaches, Lula is facing mounting pressure to reveal his ministerial choices – particularly, the names of his financial team—and uncertainty about his plans for the economy has led to market turbulence and a wave of criticism.

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