Brazil’s economy hindered by current policies, say experts
Business leaders and prominent thinkers gathered at IMD to discuss what’s next for Brazil
October 9, 2014At a recent IMD event focusing on future prospects for Brazil, experts agreed that economic policy has been one of the main things holding back Brazil's economic growth in the past few years.
The event took place just two days after the first round of Brazil's presidential election, which saw incumbent Dilma Rousseff win 41.6% of the vote. She will contest a second-round runoff on October 26 with Aecio Neves, who came second with 33.6%.
IMD Professor Carlos A. Primo Braga, Director of The Evian Group@IMD and a former high-level official with the World Bank, chaired the event."Business leaders and policy makers walked away with key insights about how to navigate Brazil's complicated environment, and some hope for the future of business and growth in the country, which will be even clearer when we know the outcome of the current election," Braga said.
Speakers included senior executives from leading Brazilian companies such as Vale, Klabin and Embraer; Murilo Portugal, President of the Brazilian Federation of Banks; Leonardo Gryner, Deputy CEO of the organizing committee for the 2016 Rio Olympics; Humberto Antunes, CEO of Swiss skincare company Galderma; top academics and renowned international analysts such as Elizabeth Farina, President, UNICA; Werner Baer, Professor, University of Illinois at Urbana-Champaign; Otaviano Canuto, Senior Adviser, World Bank; and Rubens Ricupero, a former Finance Minister of Brazil and Secretary-General of UNCTAD.IMD Professors Jean-Pierre Lehmann, Anand Narasimhan and Paul Strebel participated in a panel discussion on Brazil and the BRICS, the acronym that refers to Brazil, Russia, India, China and South Africa. Although the BRICS concept highlights the increasing importance of faster-growing emerging markets in the world economy, several participants questioned the BRICS' coherence and collective political power.