By Joao Lucas Hilgert, Adviser to the board of the Munich European Forum
Part 1 of 3
Brazil is on the cusp of massive political changes, that have been in the works since the beginning of the century. During the course of the last decade and a half, the country was mostly under the rule of the Worker’s Party, locally known as PT. They governed Brazil for 13 years since 2003, a period that was marked by dramatic growth as well as the worst recession in the country’s history and the largest corruption scandal ever brought to light.
From a distance it’s easy to see why so many Brazilians, especially the most vulnerable, still support PT. Between 2003 and 2011, despite the financial crisis in 2008, Brazil’s GDP grew by 25%, unemployment fell 3 percentage points to 6,73% and consumer price inflation went from 14,7% to a historic low in 2007 of 3,6% rising to 6,6% in 2011. Comprehensive social policies had lifted many out of poverty. The amount of people living under US$1,90 a day went from 11% of the population in 2003 to 4,7% in 2011 and the minimum wage grew by 37%. Continue reading Brazilian Elections 2018: The Road So Far