94% of the financial market does not trust President Lula

94% of the financial market does not trust President Lula

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Ministers Fernando Haddad in a meeting with Lula to discuss economic measures.| Photo: Andre Borges/EFE

Consultancy Genial Quaest released this Wednesday (15) a survey of representatives of the financial market, which points out that 94% have little or no confidence in President Luiz Inácio Lula da Silva (PT). The survey was carried out between March 10 and 13 through 82 interviews with representatives of investment funds headquartered in São Paulo and Rio de Janeiro.

The survey also pointed out that 98% of respondents consider that the country’s economy, with the Lula government, is going in the wrong direction. And the expectation for the next 12 months is not good either, given that 78% of representatives think it will get worse.

The market’s pessimistic position is very different from that of public opinion, which was released in February this year, where 62% think it will improve.

The risk of recession pointed out by the financial market is high, at least 73% think it is possible this year. Regarding foreign investment in Brazil, 38% think it will remain the same, while 42% expect a decrease.

The survey also evaluated the relationship between Lula’s government and the Central Bank and found that 90% consider this relationship negative, and 89% fear the exoneration of current president Roberto Campo Neto. He was the best rated in the survey, 68% of respondents said they trust Campos Neto “a lot”.

Regarding the public debt, 90% believe that the fiscal policy of the current government will not generate sustainability, and the majority pointed out that the necessary primary surplus should remain between R$150 billion and R$200 billion. Regarding the new design of the fiscal framework, the financial market defends as a priority the control of expenditures/expenses, punishment in case of non-compliance and debt stabilization/control.

The tax reform was also evaluated by representatives of the financial market, 91% consider the decision to unify taxes in VAT to be correct, and most think it is possible to approve the reform in the next 6 months.

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