Which Lulanomics?

1 November 2010 By Martin Hutchinson

Brazil s new president promises to follow Lula s policies, but it s unclear which. Lula started out fiscally cautious, but fought poverty with the Bolsa Familia stipends. Later he flouted property rights while increasing spending. Rousseff seems worryingly keener on Late Lula.

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Dilma Rousseff of the Workers Party won the Brazilian election runoff on Oct. 31 by a 5644 margin over Jose Sérra of the centrist PSDB.

Rousseff has said that Brazil does not need to rein in public spending, and has set a primary budget surplus target of 3.3 percent of GDP until net debt falls to 30 percent of GDP in late 2014. However this target will only be met in 2010 through a oneoff payment by Petrobras and by using nonstandard accounting methods.

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