Brazil's newly-elected populist President Jair Bolsonaro addressed the world's business elite in Davos on Tuesday, vowing to transform Latin America's largest economy into a more investment-friendly country. On his first international trip since becoming president, Bolsonaro delivered the keynote speech at the World Economic Forum.
Brazilian outgoing president Michel Temer said on Thursday his government will leave a primary budget deficit fewer than 130 billion reais (US$ 33.3 billion) when he hands over the reins to President-elect Jair Bolsonaro on January first.
The far-right front-runner in Brazil’s presidential race plans to put foreign policy in the hands of a diplomat who has praised the nationalist agenda of U.S. President Donald Trump that has shaken the global order, an adviser to the candidate said.
Brazilian markets soared for a second day on Wednesday on an opinion poll confirming right-wing presidential candidate Jair Bolsonaro was gaining steam ahead of Sunday’s vote and was on track to beat his likely leftist rival in a second-round runoff.
Brazil's currency closed at a record low of 4.197 to the US dollar on Thursday amid uncertainty and unpredictability surrounding next month's presidential elections. The previous record of 4.166 dated back to January 2016, during a two-and-a-half-year recession.
Brazil's economy contracted nearly one percent in the second quarter due to a truckers' strike, the country's Central Bank said on Wednesday. The nine-day strike that ended in late May caused fuel shortages, cut into food deliveries and backed up exports.
Latin American currencies fell against the dollar across the board on Wednesday as traders continued to focus on recent statements by key U.S. monetary policy makers.
Brazilians' disapproval of Michel Temer's administration has risen from 72% to 79% in the second quarter of 2018, according to a survey conducted by the National Industry Confederation (CNI) and Ibope.
Brazil’s central bank on Thursday slashed its growth forecast for 2018 gross domestic product after a nationwide truckers strike paralyzed key sectors of Latin America’s largest economy. The bank sees GDP growth of 1.6% this year, according to its quarterly inflation report, compared to 2.6% previously.
A Datafolha survey shows that the all-time high unpopularity of Brazilian President Michel Temer (MDB) is due essentially to dissatisfaction with the overall performance of his administration, particularly regarding the economy. It also shows that the president's personal image and the loss of status caused by corruption scandals that involve him are secondary issues.