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The Changing Direction of Brazil's Economic Policy

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Facing the consequences of a stagnant economy, a corruption scandal likely to disrupt major public investments in infrastructure in coming years, and markets' deep skepticism about her ability to put Brazil back on a path of sustainable growth, reelected president Dilma Rousseff is set to dramatically change course on economic policy.

On Wednesday November 25, she appointed economist Joaquim Ferreira Levy to lead her economic team as Minister for Finance. A former secretary of Brazil's national treasury and senior bank executive, Levy enjoys the respect of his peers in both the public and private sectors. Leaders of Rousseff's own Workers Party, however, voiced their mistrust, describing Levy's appointment as a "necessary evil" to confront the country's mounting challenges. Charged with restoring government accounts to fiscal health, the new Minister of Finance will work alongside Nelson Barbosa, a former Deputy Minister of Finance who is returning as Minister of Planning. Alexandre Tombini will remain as President of the Central Bank.

On Monday December 8th the Brazil Institute will convene a panel of experts to analyze implications and prospects of Rousseff's second term economic strategy. 

Related material:

 

Joaquim Vieira Ferreira Levy, "Fiscal Strength of Public Expenditures as Tools for Growth"

  • This article was published in Portuguese in the September 2014 issue by the São Paulo-based Centro de Debates de Políticas Públicas, originally titled "Robustez fiscal e qualidade do gasto como ferramentas para o crescimento". The article is between pages 51-65. 

Monica de Bolle, "Digging up Orthodoxy"

Otaviano Canuto, The Huffington Post, "Navigating Brazil's Path to Growth"

Paulo Sotero, O Estado de S.Paulo, "Levy na Fazenda ajudara relacao com EUA"

Nelson Barbosa, Teresa Ter-Minassian, Jose Roberto Afonso, "Brazil's Political Challenge: Buidling Consensus on an Economically Sustainable Strategy"

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Photo's courtesy of Flickr user Blog do Planalto

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