A historic turning point in Brazil

Albuquerque, Eduardo

Publisher:  International Socialism
Date Written:  16/06/2016
Year Published:  2016  
Resource Type:  Article
Cx Number:  CX19556

President Dilma Rousseff's suspension is a historic turning point in Brazil -- the end of an era of Workers' Party (PT) national governments that began in 2002 with the election of Lula. The PT won four presidential elections, two with Lula (2002 and 2006) and two with Dilma (2010 and 2014). This political crisis and historic turning point is intertwined with an equally deep economic crisis -- in 2015 GDP shrank by 3.8 percent in Brazil and, taking into account IMF projections for 2016, GDP might shrink by a further 3.5 percent. These data suggest that now there is an economic crisis similar to the crisis of 1929-31, when Brazilian GDP shrank by 8.1 percent.

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