Under the strain of Covid-19, the Brazilian economy is expected to contract by 5% this year. But the outlook isn’t all grim for the world’s ninth-largest economy. Last week a political crisis swirling around President Jair Bolsonaro prompted him to reaffirm his commitment to free-market-minded Economy Minister Paulo Guedes. Mr. Guedes is the architect of a revolutionary plan to end the decadeslong subsidization of the well-connected in Brasília, paid for by the forgotten man. Progress has been slow since Mr. Bolsonaro took...

Source: Wall Street Journal May 03, 2020 21:33 UTC