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To what extend are the economic inclusion and poverty reduction, promoted by the Brazilian governments in the past 21 years sustainable? And at what cost were they obtained? Those two questions were the central focus of the presentation made by the economist and professor Rubens Penha Cysne, from Getulio Vargas Foundation (FGV), during the board meeting from the National Confederation of Goods and Services Trade and Tourism (CNC), on August 2nd. In the economist´s opinion, part of the poverty reduction and the increase of the middle class that took place between 1995 and 2016 can be explained due to the favorable terms of trade (relation between the imports and exports value from a country in a specific period) and the high accumulation of external liabilities during this period. But the country has not prepared itself for the periods in which the terms of trade are not favorable, neither has it prepared to escape from the harms of abrupt changes in the economic cycle.
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