Business · Economy · 8 hrs ago
Brazil’s growth reflects high commodity prices more than Lula’s policies, economist says
Economist Andrés Velasco says Brazil’s growth is driven mainly by high global commodity prices, rather than by the success of President Luiz Inácio Lula da Silva’s government.
The argument comes as Lula faces a presidential run-off against Flavio Bolsonaro on October 25, after Bolsonaro came ahead of him in the first round.
Velasco says the Brazilian left has struggled to respond to the rising cost of living and threats from organized crime.
He also points to a weak bench of successors, after former minister Fernando Haddad lost the race for governor of São Paulo.
Bolsonaro’s Liberal Party is set to become the largest group in Congress and to hold the most state governorships.
The run-off will decide who becomes president, while the election results have already strengthened Bolsonaro’s allies in Congress and state governments.
Economist Andrés Velasco says Brazil’s economic growth reflects high global commodity prices more than the success of Lula’s government.
Velasco argues that the Brazilian left failed to address the rising cost of living and threats from organised crime.
He says Lula has become a figure of the past and that the left has struggled to develop successors.
The article reports that Flavio Bolsonaro led Lula in the first round of Brazil’s presidential election.
It says the Bolsonaro Liberal Party is set to become the largest group in Congress and to hold the most state governorships.
- Who
- Chilean economist Andrés Velasco argues that Brazil’s growth owes more to commodity prices than to Lula’s policies.
- What
- Brazil’s growth and the left’s electoral setbacks are discussed.
- When
- The article was published on October 17, 2026; it refers to the October 4 general elections and a presidential runoff scheduled for October 25.
- Where
- Brazil.
- Why
- Velasco says high global commodity prices, rather than government success, are driving economic growth; he also cites the cost of living and organised crime as challenges for the left.
This story does not have two clearly opposing sides.
Brazil held general elections, after which the article says Lula was behind Flavio Bolsonaro in the presidential race.
Le Monde published Andrés Velasco’s article.
The presidential runoff was scheduled to take place.
- Author
- Andrés Velasco
- Outlet
- Le Monde
- First-round election date
- October 4
- Runoff date
- October 25
- Presidential candidates mentioned
- Luiz Inacio Lula da Silva and Flavio Bolsonaro
- Brazilian state election
- Fernando Haddad lost the São Paulo governorship race
What people are saying
l’économie du Brésil est en croissance grâce au niveau élevé des cours mondiaux des matières premières plus qu’à un succès du gouvernement Lula
un homme du passé