Word: lula
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Dates: during 2000-2009
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...This has changed our reality.' DILMA ROUSSEFF, chief of staff for Brazilian President Luiz Inácio Lula da Silva, on the discovery of huge oil reserves off the nation's coast that could turn Brazil into one of the world's biggest oil producers...
...middle class took to the streets. The country went through five Presidents in just two weeks. Wall Street feared that the crisis, one of the worst in South America's history, would spread next door to giant Brazil--where the élite predicted financial ruin if Luiz Inácio Lula da Silva, head of the left-wing Workers' Party, was elected President that year--and even to stable Chile, where executives groused over glasses of Chilean Cabernet Sauvignon that the U.S. Congress might block Santiago's free-trade pact with Washington...
...Kirchner was elected in 2003, annual growth has averaged 9%, the best in Latin America. Argentina has parlayed a cheaper but stable peso into record export earnings. "Argentina," crows Central Bank president Martín Redrado, "is enjoying its most solid macroeconomic context of the past 30 years." In Brazil, Lula's election (and 2006 re-election) did not render the region's largest economy a leftist basket case. Instead, inflation has fallen from 12.5% in 2002 to less than 4% today. Brazil's real has climbed 56% against the U.S. dollar, and the São Paulo stock exchange, the Bovespa...
...comparison, Brazil's competitive outlook is often described as a day in the Ipanema sun. Lula--who has adhered so faithfully to orthodox fiscal policies that he has alienated his own leftist party--recently boasted that Brazil's $1 trillion economy, the world's 10th largest, "is going through an auspicious moment...
Feats like a $100 billion foreign-reserve cache have helped lower the country's risk premium, as measured by JPMorgan Bank, to 175, vs. 1445 when Lula took office. The manufacturing sector, including world-class regional jetmaker Embraer, now represents a quarter of GDP, and Brazilians feel more consumer confidence than perhaps at any other time in their history. "They now have the incentive to buy vehicles through long-term-financing programs," gushes Jackson Schneider, head of the National Association of Automotive Vehicle Manufacturers, whose members have added 27,000 direct jobs in the past three years. "They can more...