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Brazil’s Economic Deliverance

Summary:
Brazil's proliferating corruption scandals have imposed substantial costs on some of the country's largest companies. But, in the long term, today's efforts to strengthen the rule of law and ensure fair market competition will prove to have been well worth it. WASHINGTON, DC – Ongoing corruption investigations in Brazil have exposed a tangled network of illicit relationships between private firms, government bureaucrats, and elected politicians. The corruption scandals have already reached the highest levels of Brazilian society. Several high-level politicians and corporate owners and executives have been convicted and imprisoned. Even former President Luiz Inácio Lula da Silva is now under indictment. Sean Gallup/Getty Images Justin Tallis/Getty

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Brazil's proliferating corruption scandals have imposed substantial costs on some of the country's largest companies. But, in the long term, today's efforts to strengthen the rule of law and ensure fair market competition will prove to have been well worth it.

WASHINGTON, DC – Ongoing corruption investigations in Brazil have exposed a tangled network of illicit relationships between private firms, government bureaucrats, and elected politicians. The corruption scandals have already reached the highest levels of Brazilian society. Several high-level politicians and corporate owners and executives have been convicted and imprisoned. Even former President Luiz Inácio Lula da Silva is now under indictment.

Meanwhile, the drama has taken its toll on the Brazilian economy. In addition to individual businesses, entire value chains that contribute heavily to the country’s GDP have suffered a sudden operational and...

Otaviano Canuto
Mr. Otaviano Canuto currently holds the position of Executive Director at the Executive Board of Directors of the World Bank Group and its Affiliates, the same position he held when he was Executive Director of the World Bank from 2004-2007. He represents Brazil, Colombia, Dominican Republic, Ecuador, Haiti, Panama, Philippines, Suriname, and Trinidad & Tobago. He is also a member of both the Committee on Development Effectiveness (CODE) and the Budget Committee.

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