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Lula Is Back in Brazil, Promising Prosperity Amid Global Economic Pain
Posted
January 3, 2023
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0:35Now PlayingLuiz Inacio Lula da Silva retook the helm of Latin America’s largest democracy promising to bring back the economic inclusion and prosperity that marked his first two terms as Brazil’s president between 2003 and 2011.
It won’t be easy: Brazil grew more politically polarized over the past two decades, with trust in his Workers’ Party eroded by corruption scandals. The world also became a tougher place for emerging-market countries, and particularly those with unresolved fiscal issues.
The leftist leader’s inauguration started Sunday in Brasilia with a parade through the esplanade of ministries and a first stop at the National Congress. There, the 77-year-old politician was sworn in and delivered his initial speech as president, saying he was signing measures that would allow state-owned companies to resume their role in boosting economic development.
“Public banks, particularly the BNDES, as well as companies that lead growth and innovation such as Petrobras will have a key role in this new cycle,” Lula said, also promising to govern with fiscal and monetary realism. “The wheel of economy will spin again and popular consumption will have a central role in that process.”
Lula’s second stop was at Planalto Palace, his official working address, where a traditional power handover ceremony took place without the participation of ex-President Jair Bolsonaro, who ditched the inauguration to travel to the US. Instead, the green-and-yellow sash that’s traditionally passed from one leader to the next was handed to Lula by a Black woman who works as a trash picker — part of larger group including an indigenous leader, a man with physical disability and a black child symbolizing the most vulnerable Brazilians.
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