Economy & Business - November 2026

President Luiz Inácio Lula da Silva’s surprise election victory against far-right challenger Flávio Bolsonaro on 25 October was a remarkable show of the octogenarian’s fighting spirit. After receiving fewer votes than Bolsonaro in the 4 October first-round vote, Lula turned the race around in only three weeks, becoming the first candidate since Brazil’s return to democracy in 1985 to win a presidential run-off after trailing in the first round. But Lula’s historic fourth term will undoubtedly be his most difficult yet. Much of the country’s economic wellbeing in recent years has been on borrowed money, with public, corporate, and household debt having risen to record levels.