Learn about the life and impact of Antonio Delfim Netto, one of Brazil's most influential economists, who passed away at the age of 96. Discover how his policies shaped Brazil's economy and political landscape.
By Isabel Versiani
BRASILIA (Multibagger) - Antonio Delfim Netto, one of Brazil's most prominent economists who was the economics tsar of the military government in the 1970s and 1980s, died on Monday at the age of 96.
His office said he died after a week in hospital "due to complications in his health condition."
Delfim Netto was one of the country's longest serving finance ministers, holding the position between 1967 and 1974, and later serving as planning minister 1979-1985, years when Brazil was under military rule.
After civilian rule was restored in 1985, Delfim Netto was elected to the lower chamber of Congress five times and for decades remained an influential figure in economic and political circles, publishing his views in frequent newspaper columns.
Delfim Netto advised leftist President Luiz Inacio Lula da Silva on economic policy during his first two presidential terms. In 2022, he said he would vote for Lula in the election race against far-right former President Jair Bolsonaro.
During his time as finance minister for the military government, when the policy focus was on heavy public spending, the South American country grew rapidly, hitting a record 14.4% GDP expansion in 1974, in what was called the Brazilian "economic miracle."
Later, as planning minister in the early 1980s, he helped his country cope with a global financial meltdown caused by an oil price shock and high U.S. interest rates that triggered a debt crisis for developing countries like Brazil.
In 2012, the economist donated his library of more than 250,000 books to the University of Sao Paulo where he had graduated in 1951 in economics.
Delfim was born in 1928 in the city of Sao Paulo and grew up in the then working-class neighborhood of Cambuci, where his mother was a seamstress and his father municipal transport employee.
Antonio Delfim Netto's legacy as a prominent economist and influential figure in Brazilian politics and economics has left a lasting impact on the country's development. From his time as a finance minister during the military government to his role as a planning minister in the face of global economic challenges, Netto's policies and insights have shaped Brazil's economic landscape. His contributions to economic growth, financial stability, and academic research are a testament to his dedication and expertise in the field of economics. As we reflect on his life and work, we can learn valuable lessons about the intersection of politics and economics, the importance of leadership in times of crisis, and the enduring legacy of influential figures in shaping our world.