Business

Big business wants constitutional hedge against Lula

Influential businessmen fear the economic policies Lula could implement and lobby for pro-market principles to be included in the Brazilian Constitution

Big business wants constitutional hedge against Lula
Members of the Unidos Brazil Institute in a meeting with former Infrastructure Minister Tarcísio de Freitas in March 2022. Photo: Personal archive

In a recent interview with Time magazine, former President Luiz Inácio Lula da Silva said he “doesn’t discuss economic policies before winning the elections.” An odd statement, to say the least, given that his economic agenda is precisely what frightens investors and big business the most. As proof, a group of business leaders are lobbying for Congress to alter Brazil’s Constitution before the election, hoping to limit what Lula could do if he does win October’s vote.

The push intends to take the core points of pro-business legislation passed in 2019 and transform them into constitutional principles. Known at the...

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