Brazil’s Post-Bolsonaro “Normality Dividend”

By Brian Winter

Investments could flood back into Brazil if Lula gets the policy mix right. That’s still an “if,” writes AQ’s editor in chief.

BRASILIA — Over the last four years, I spoke to dozens of multinational companies and pension funds that wanted to invest more in Brazil—but felt they couldn’t, because of President Jair Bolsonaro and his policies toward the Amazon. Even in segments not explicitly tied to the environment, like commercial real estate or restaurant chains, there was a feeling that boards of directors and customers alike would not tolerate greater exposure to a country where both the rainforest and democracy itself were under threat. The very brand of Brazil became toxic, especially in Europe. It...

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