Market disapproves of Lula and sees Haddad with less strength

by Andrea
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Petista has a negative evaluation of 88% and minister, of 58%; BC President Gabriel Galipolo is well rated by 45% of respondents

Genial/Quaest poll released this Wednesday (19.mar.2025) indicates that financial market agents reject the government of (PT). Also, which worsened the evaluation of the work of the Minister of Finance, (PT), and there is a vote of confidence to the president of the BC (Central Bank), Gabriel Galipolo.

Lula’s management is evaluated as “negative”For 88% of respondents. Another 8% said they were“regularAnd 4% as “positive”.

Here’s the full scenario:

Online questionnaires were made with 106 investment funds based in Sao Paulo and Rio de Janeiro, from March 12 to 17. Interviewees are managers, economists, analysts and decision makers of the financial market.

The margin of error is 3.4 percentage points for more or less. The poll was commissioned by the great investment. This is a (PDF – 10 MB).

Second, Quaest director, the explanation for the negative evaluation of the government “It is in the widespread perception in the market that the country’s economic policy is going in the wrong direction: only 7% defend the current economic policy ”.

For 93% of respondents, Brazil’s economic policy goes in the wrong direction.

Market disapproves of Lula and sees Haddad with less strength

The main responsible for the economic situation is, for 92% of respondents, Lula. Another 5% said it was Haddad.

Market disapproves of Lula and sees Haddad with less strength

Still, the assessment of Haddad’s work at the Ministry of Finance – the minister had maintained mostly positive assessment since July 2023, but the situation was reversed.

In the March poll, Haddad management is evaluated as “negative” by 58% of respondents, “regular” by 32% and “positive” by 10%.

Market disapproves of Lula and sees Haddad with less strength

Most (85%) of respondents said Haddad’s strength is smaller than it was when the ministry took over. Another 14% claimed to be the same and 1% stated to be lower.

Market disapproves of Lula and sees Haddad with less strength

Already the performance of Galipolo in the BC is evaluated as positive by 45% of respondents and as regular for 41%. Only 8% said it was negative.

Market disapproves of Lula and sees Haddad with less strength

According to Quaest’s director, “This vote of confidence is under evaluationThis is because 58% said they found it early to assess whether Galipole is making more technical or more political decisions in charge of the BC.

Market disapproves of Lula and sees Haddad with less strength

In general, the market is pessimistic about the Brazilian economy: 83% said they believed that there will be a worsening in the next 12 months, while only 4% believe in an improvement.

Market disapproves of Lula and sees Haddad with less strength

Almost 60% of respondents stated that Brazil is in danger of recession in the 2nd semester of 2025.

Market disapproves of Lula and sees Haddad with less strength

The vast majority (82%) of market agents responded that inflation in 2025 will be higher than it was in 2024.

Market disapproves of Lula and sees Haddad with less strength

Regarding the relationship between the executive and the legislature, the percentage of those who believe the possibility of the government approving its agenda in the National Congress: it went from 39% to 58%.

Market disapproves of Lula and sees Haddad with less strength

For respondents, there is more chance that Congress passes spending proposals, such as compensation, such as the taxation of those who earn over $ 50,000.

Market disapproves of Lula and sees Haddad with less strength


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