🇧🇷 A Trillion Dollar Budget

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Government Spending 💰

Yesterday, Brazilian Vice President Geraldo Alckmin posted a chart on Instagram showing the performance of Brazil’s primary stock market, Ibovespa, which has hit a historic high of 137.3K points. The post raised some eyebrows—and no, not just because he posted a non-Latinometrics chart.

“Now post it in dollars!” one reply joked, alluding to the Brazilian real being one of the world’s worst-performing major currencies this year. The real has steadily shed about 15% of its value since January.

Now, neither the Bolsa’s historic record nor the real’s underperformance can be laid merely at the feet of Alckmin or his rival-turned-boss, President Luiz Inácio Lula da Silva.

But there has been some investor skepticism this year. A big part of that is due to Brazil’s fiscal deficit, which hovers around 10% of gross domestic product (GDP).

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