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Brazil political disputes mark economic policy-making

Wednesday, March 1, 2023


The decision terminates the exemption put in place last year by former President Jair Bolsonaro to tackle rising inflation and boost his ultimately failed re-election campaign. The return of fuel taxes is a victory for Finance Minister Fernando Haddad, who sees them as an essential source of revenue to address the difficult economic situation.


  • A new fiscal rule and a tax reform will be the economic policy priorities for this year.
  • Tax reform and the new fiscal rule will both require difficult negotiations with a likely recalcitrant Congress.
  • Corporate debt is a potentially serious risk for the Brazilian economy.

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