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BRAZIL: Lula’s Approval Rating Falls To Record Low, Potential Fiscal Risks

BRAZIL
BulletEM BulletEmerging Market News
  • President Lula’s approval rating has fallen to its lowest level since he first became President, according to a Datafolha poll published by Folha de S. Paulo on Friday. Lula’s approval dropped to just 24% in February, from 35% in December, while his disapproval rating also rose to a record 41%, from 34%. The poll shows that his approval among those who voted for him fell to 46%, from 66%.
    • The drop in approval comes amid mounting concerns about rising food prices and increasing pessimism surrounding the economic outlook. Lula and other government officials have signalled their unease over rising food prices several times and said that they are looking for ways of reducing them.
    • High interest rates are also weighing on growth, with 2025 and 2026 GDP estimates being trimmed to 2.03% and 1.70%, respectively, according to the BCB Focus survey. The latest Focus survey will be released later this morning.
    • BBVA says that Lula’s declining popularity entails policy risks for the upcoming months, with the possibility of the government undertaking more fiscal stimulus in an attempt to recover public support.
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  • President Lula’s approval rating has fallen to its lowest level since he first became President, according to a Datafolha poll published by Folha de S. Paulo on Friday. Lula’s approval dropped to just 24% in February, from 35% in December, while his disapproval rating also rose to a record 41%, from 34%. The poll shows that his approval among those who voted for him fell to 46%, from 66%.
    • The drop in approval comes amid mounting concerns about rising food prices and increasing pessimism surrounding the economic outlook. Lula and other government officials have signalled their unease over rising food prices several times and said that they are looking for ways of reducing them.
    • High interest rates are also weighing on growth, with 2025 and 2026 GDP estimates being trimmed to 2.03% and 1.70%, respectively, according to the BCB Focus survey. The latest Focus survey will be released later this morning.
    • BBVA says that Lula’s declining popularity entails policy risks for the upcoming months, with the possibility of the government undertaking more fiscal stimulus in an attempt to recover public support.