The credit agency Fitch Ratings said in a report on Monday that it is unlikely that the victory of leftist Luiz Inacio Lula da Silva in Brazil’s presidential elections will lead to a major change in the country’s macroeconomic policy.
“We continue to expect a broad continuation of macroeconomic policy,” the agency said in a statement.
“The victory of the Conservative parties in the legislative elections in October could also put a damper on a left-wing economic agenda,” Fitch said. The agency also noted that there is little chance of changes in monetary policy in the South American nation during the Lula administration.
“However, Brazil faces growth and fiscal challenges. These are already captured in its sovereign rating, but how they are treated will influence the rating’s future trajectory,” the report added. Fitch projects that Brazil will present a primary deficit of 1.0% of GDP in 2023, after a probable positive balance of 1.0% this year.
This week the Workers’ Party will begin to assemble the transition team, when President-elect Luiz Inácio Lula da Silva defines the coordinator of the team that will prepare the formation of the new government, the party’s president, Gleisi Hoffmann, said on Monday. “It is possible that it will start this week. Not with the entire team gathered, but with the main areas defined,” said the PT president.
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