Ian Bremmer
Remember when Brazil was an emerging success
story? Former President Luiz Inácio Lula da Silva proved that even a so-called
leftist could run a market-friendly economic policy that produced big (and long
overdue) results. Brazil won the right to host the World Cup and the Olympics.
The country of the future had finally arrived. Lula endorsed a successor,
former chief of staff Dilma Rousseff, who was easily elected President in 2010.
Then reforms stalled, and things began to
slide. The financial crisis took a toll, though strong trade ties with China
cushioned the blow. The middle class that emerged under Lula demanded better
services, but government was slow to deliver. Two years ago, a clumsy police
crackdown on demonstrators angry over a fare increase for public transportation
in São Paulo triggered massive nationwide protests.
Now President Rousseff faces gale-force
political headwinds. Growth is sluggish, unemployment is high, inflation is
higher, wages are lower, and people are angry. A scandal involving the
state-owned oil company Petrobras dominates daily headlines. Even former
President Lula, still popular, is reportedly under preliminary investigation
for influence peddling, and Rousseff can’t afford a rift. Her approval rating
has fallen below 20%, and demonstrators assemble regularly to demand her
impeachment.
There is a silver lining. Brazil needed a
reason to escape its lethargy, and now it has one. While the Petrobras
investigations threaten to grind government to a halt, they also provide an
opportunity to clean house. Rousseff will salvage what she can, enacting plans
to restore investor confidence by raising more revenue and spending less.
That’s important in a country where the public deficit last year was nearly 7%
of GDP.
The government must also provide foreigners
with favorable terms to attract substantial investment in rich deposits of
offshore resources and in basic infrastructure. The Petrobras investigations
might make it more difficult for Rousseff to deliver those, but paradoxically,
the campaign against corruption will make it easier for her successor.
Brazilians may not have wanted a crisis, but
hopefully they’ll soon realize they needed one.
Ian Bremmer, TIME,
May 18, 2015
Foreign-affairs columnist Bremmer is the president of Eurasia Group, a political-risk consultancy
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