THE ECONOMIST: Brazil failed to seize the opportunity. As our special report this week argues, consecutive governments made three mistakes. First, they gave in to short-termism and put off liberal economic reforms. Blame for this belongs chiefly with the left-wing Workers’ Party, in office in 2003-16. It oversaw growth of 4% a year but did not invest to raise productivity. When commodity prices fell, Brazil faced one of its worst-ever recessions. The governments of Michel Temer and Mr Bolsonaro made some progress on reform, but stopped far short of what is needed.
Second, in their efforts to shield themselves from the
fallout of Lava Jato, a huge anti-corruption probe, politicians have resisted
reforms that would curb graft. The prosecutors and judges behind Lava Jato are
partly to blame. After some were shown to have had a political agenda, their
probe became bogged down in Congress and the courts.
Finally, Brazil’s political
system is a millstone. State-sized districts and 30 parties in Congress make
elections expensive. Even more than in other countries, politicians tend to
back splashy vote-winning projects rather than worthy long-term reform. Once in
office, they stick with the flawed rules that got them elected. They enjoy
legal privileges that make them hard to prosecute, and a huge pot of money to
help them keep power. As a result, Brazilians despise them. In 2018 only 3%
said they trusted Congress “a lot”.
Second, in their efforts to shield themselves from the
fallout of Lava Jato, a huge anti-corruption probe, politicians have resisted
reforms that would curb graft. The prosecutors and judges behind Lava Jato are
partly to blame. After some were shown to have had a political agenda, their
probe became bogged down in Congress and the courts.
Finally, Brazil’s political
system is a millstone. State-sized districts and 30 parties in Congress make
elections expensive. Even more than in other countries, politicians tend to
back splashy vote-winning projects rather than worthy long-term reform. Once in
office, they stick with the flawed rules that got them elected. They enjoy legal
privileges that make them hard to prosecute, and a huge pot of money to help
them keep power. As a result, Brazilians despise them. In 2018 only 3% said
they trusted Congress “a lot”.
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