Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Explainer-What to know about Brazil's heated presidential election

Published 09/30/2022, 06:21 PM
Updated 09/30/2022, 06:26 PM
© Reuters. FILE PHOTO: A man walks past presidential campaign materials depicting Brazil's former President Luiz Inacio Lula da Silva and and President Jair Bolsonaro in Brasilia, Brazil, September 23, 2022. REUTERS/Adriano Machado/File Photo

By Gram Slattery

RIO DE JANEIRO(Reuters) - Brazilians go to the polls on Sunday to vote in one of the world's most closely watched elections this year.

Right-wing incumbent Jair Bolsonaro will face off against leftist former President Luiz Inacio Lula da Silva. Also up for grabs will be all seats in the country's lower house and its 27 state and district-level legislatures, all governorships and a third of the seats in Brazil's Senate.

THE CANDIDATES

While there are 11 presidential hopefuls, polls suggest only Bolsonaro and Lula have a real shot at winning.

Bolsonaro, a former army captain elected in 2018, has sought to impose his conservative agenda in Latin America's largest country, but has drawn criticism for failing to improve living standards and for comments widely seen as sexist and racist.

He eschews what he calls "gender ideology," and dismissed the coronavirus as "a little flu." The president has systematically dismantled federal protections for the Amazon (NASDAQ:AMZN) rainforest. He has also baselessly attacked the reliability of Brazil's electronic voting system, while raising doubts about whether he would peacefully accept defeat.

Lula, a former union leader who governed Brazil from 2003 through 2010, has pledged to revive the generous social spending programs that marked his first mandate, while beefing up environmental enforcement and better protecting marginalized groups.

While in power, Lula's approval rating soared as he took advantage of a booming economy to dramatically expand Brazil's social safety net. But in the years after he left office, the economy declined, his hand-picked successor was impeached and many of his associates went to prison. Lula himself spent 19 months in jail due to corruption charges that were later thrown out on procedural grounds.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

HOW DOES IT ALL WORK?

The polls open at 8 a.m. Brasilia time (1100 GMT) and close at 5 p.m. Due to the electronic nature of the vote, results will roll in quickly, likely within a few hours of polls closing.

If no candidate exceeds the 50% threshold needed to win outright, the top two candidates - likely Lula and Bolsonaro - will head to a runoff vote on Oct. 30.

WHO'S WINNING?

Lula.

All major polls have the former president up by at least 8 percentage points, though some indicate his lead is much wider. A survey by pollster IPEC, released on Monday, showed him up by some 17 points.

But major polls are split over whether Lula has the votes needed to reach the majority needed to win in the first round.

Another issue is turnout. While Lula's support base is wider, there are indications that Bolsonaro's base is more enthusiastic.

(https://tmsnrt.rs/3rkpc7m)

WILL IT BE PEACEFUL?

That's perhaps the biggest question surrounding the vote.

Political violence is on the rise in Brazil. Several Lula supporters - and at least one Bolsonaro supporter - have been murdered due to their political preferences in recent months.

Bolsonaro has said repeatedly he might not accept an election loss, while claiming that the army is on his side. Most analysts see a military coup in the event of a Bolsonaro loss as unlikely, but many fear a period of protracted political violence and economic disruption.

Gun ownership has risen dramatically under Bolsonaro's watch, while rank-and-file police officers tend to support the president politically - a potentially volatile mix.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.