That's right, you might have thought there was a debate on whether the neo-liberal policies pursued by Brazil and other Latin American countries promoted or retarded growth, but the NYT settled the issue. It refers to the policies put in place by Social Democratic Party from 1994-2002 and then tells readers:

"The measures vanquished galloping inflation, opening the way for the next decade’s growth."

This voice of authority should perhaps explain why it took seven years of moderate inflation before growth could pick up. Inflation fell back to 6.9 percent in 1997 (it had been over 1000 percent), the growth rate crossed 5.0 percent in 2004 and remained at a respectable pace until the world financial crisis led to a recession in 2009.


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