ABSTRACT
This chapter draws together the main threads of this book’s arguments. It also attempts to sketch out the likelihood of future reform efforts, bearing in mind the probable global economic context. As far as the latter is concerned, there are clear threats to openness in international trade and investment. At the same time, there do exist established institutional and vested interests within Brazil favouring a more nationalist approach to economic policy. Despite this, the chapter argues that in all probability these will not be sufficient to reverse Brazil’s current path of liberal reform, nor will they seriously narrow the scope of the challenges and opportunities presented to the country by global integration. Against this background and to realise its potential and to address the needs of a hard-pressed population, Brazil will need to engage with a process of structural reform. This will need to centre on the issues covered by this volume, especially challenges around competitiveness, human capital development, the management of macroeconomic policy and effective stewardship of the environment. Progress in these and other areas will depend heavily on political developments. The current turbulence surrounding the Bolsonaro administration will surely act as a complicating factor. However, looking further ahead, presidential and congressional elections hold out the prospect of accelerated progress.
