Brazil’s new president Lula will take the oath of office amidst heavy security

Date:

 Brazil's new president Lula will take the oath of office

  • News by AUN News correspondent
  • Sunday, January 01, 2023
  • AUN News – ISSN: 2949-8090

Summary:

  • Luiz Inácio Lula da Silva will be sworn in as president of Brazil for a historic third term on Sunday, with heavy security measures tightened after an alleged bomb plot by a supporter of outgoing leader Jair Bolsonaro.

  • Some of Bolsonaro’s more radical backers claim — without proof — that the ballot was rigged and have staged protests since the result, calling for a military coup to prevent a handover of power.

  • Lula himself spent 580 days in jail after being found guilty of graft.

  • But the convictions were annulled in 2021 by the supreme court — paving the way for his candidacy.

  • Expansion in Brazil’s gross domestic product is forecast to slow from 3 per cent in 2022 to below 1 per cent in 2023. Investors are worried that Lula’s promises of increased welfare and infrastructure expenditure will further strain the public finances and lead to tax increases, with extra inflationary pressures forcing the central bank to keep interest rates in the double digits for longer.

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