With a popularity rating of 70 per cent, Lula has the political capital to implement serious reforms that will take the country to a higher growth path. Lula has already tasted political and economic success by sticking to economic orthodoxy that has brought the country its much-needed stability. But to go down in history as a leader who truly changed the course of a nation, he needs to get more ambitious. Simply maintaining stability won’t make for economic magic.
The writer is head of emerging markets at Morgan Stanley Investment Management Newsweek
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