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What’s gone wrong with Brazil’s economy?

What’s gone wrong with Brazil’s economy?

When Brazil’s far-right president Jair Bolsonaro took office, many in the country were concerned that the divisive politician would not be able to bring the country together.

But one sector was almost unanimous in praising Mr Bolsonaro’s rise to power: business people.

Brazil’s president boasted during the election that he did not understand anything about economics.

Once in power, he delegated all decisions on the subject to businessman Paulo Guedes, who became a “super-minister” of the economy.

The task of rescuing Brazil’s economy from the brink of yet another recession was urgent. The economy is still at the same level it was back in 2014.

Markets were excited at the prospects of liberal reforms to come.