By The Rio Times | Created at 2025-01-27 18:20:50 | Updated at 2025-01-31 23:58:24
4 days ago
President Luiz Inácio Lula da Silva faces a significant setback as his approval ratings drop to their lowest point since taking office in January 2023.
A recent Genial/Quaest poll reveals that only 47% of Brazilians now approve of Lula’s performance, down from 52% in December. For the first time in his current term, disapproval has overtaken approval, reaching 49%.
This shift reflects growing public discontent with the government’s handling of economic issues. A staggering 83% of respondents reported higher food prices in the past month, while many also noted increases in fuel and utility costs.
The Brazilian real‘s performance compounds these concerns. It ranks as the worst-performing major currency in 2024, losing over 20% of its value. This depreciation has fueled inflation and eroded consumer purchasing power.
Lula’s administration faces criticism for its fiscal policies. The government’s spending plans have unnerved investors, leading to a sell-off in Brazilian markets. The benchmark Bovespa index has fallen 7% year-to-date, while government bond yields have risen sharply.
Public skepticism extends to campaign promises, with only 30% believing Lula has delivered on his commitments. The government’s communication strategy also appears ineffective, with 53% of respondents expressing dissatisfaction.
As Lula enters the second half of his term, these poll results present significant challenges. The administration must address economic concerns and improve policy implementation to regain public trust and stabilize the country’s financial outlook.
