Mansueto Almeida, the chief economist at BTG Pactual, voiced strong criticism against the economic management of President Luiz Inácio Lula da Silva at the CEO Conference Brazil event. He highlighted that while recent improvements in Brazil's economic indicators are apparent, they are largely due to favorable external circumstances rather than effective governmental reform. He warned that failing to implement necessary fiscal adjustments could lead to significant economic challenges in the future.

Almeida predicted that Brazil's public debt would increase by ten percentage points during Lula's current term, a trajectory he deemed unsustainable for the country's financial health. He emphasized the importance of not repeating the economic strategies of the previous four years, which he considers inadequate for long-term stability. Almeida's remarks reflect a growing concern among economists about the fiscal policies being employed by the Lula administration and the potential ramifications for the nation's economy.

Before taking on his role at BTG Pactual, Mansueto served as secretary of the Treasury under the administrations of Michel Temer and Jair Bolsonaro, experiences that lend weight to his critiques. His insights suggest that while there may be short-term gains from external economic factors, without robust and disciplined fiscal policy reform, Brazil risks facing severe economic difficulties down the line.