Bello: The apprentice president of Brazil

摘要

ONE OF THE main reasons why Jair Bolsonaro won last year's presidential election in Brazil is that he promised to get the economy moving again after four years of slump. By naming Paulo Guedes, a free-marketeer, as his economic super-minister, he won the backing of big business and finance. Many assumed that the arrival of Mr Bolsonaro's government in itself would breathe life into the economy. But three months in, it remains as moribund as ever. Investors are starting to realise that Mr Guedes faces an uphill task to get congress to approve a pension reform that is crucial for Brazil's fiscal health. And Mr Bolsonaro himself is not helping.