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Brazil's Economic Policies after Presidential Election
Kind: ICD What's New  Organization: Department of International Cooperation  Publish Date: 2022-11-24 18:00
The result of Brazil's presidential election came out on October 30th, 2022. Luiz Inacio "Lula" da Silva won 50.9% of the votes against current President Jair Bolsonaro, who received 49.1% of the votes. Lula had been the president for two consecutive terms between 2003 and 2010. Instead of Bolsonaro's right-wing administration, Lula as a left-wing leader emphasizes his economic policies on improving poor people's living conditions. Besides, he claimed to restart promoting Brazil's international affairs and return to play an important role in international communities.

Lula's major economic policies include reducing inflation and unemployment rates, expanding public housing projects, and imposing tax on dividend to release the pressure of public debts increased by the social welfare expenditure. He also planned to build oil refining equipment and subsidize oil prices to control inflation. Meanwhile, he claimed to recover the vehicle manufacturing industry in Brazil and increase production through industrial technology innovation and energy transition.

Moreover, Lula planned to participate more in international occasions actively. He expressed his intention to strengthen connections and expand multilateral relationships with friendly nations, such as members of MERCOSUL, CELAC, and BRICS, in order to stimulate economic growth. Different from Bolsonaro, Lula is willing to protect the Amazon rainforest through global cooperation, and to strengthen international relationships through jointly working on environment issues.

Sources:
1. Economic Division, Taipei Economic and Cultural Office in Brazil
2. BBC: https://www.bbc.com/zhongwen/trad/world-63452581
3. CNN: https://edition.cnn.com/2022/10/30/americas/brazil-election-lula-da-silva-wins-intl/index.html
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Update: 2020-04-23
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