Antonio Delfim Netto, a notable figure in Brazil's economic history, passed away at the age of 96 after a week of health complications, as confirmed by his economist's office. Hailing from São Paulo, Netto rose to prominence as a long-serving finance minister, overseeing a period of rapid economic expansion in Brazil during his tenure from 1967 to 1974 under military rule. His influence extended to the role of planning minister from 1979 to 1985, where he navigated Brazil through a global financial crisis triggered by factors like an oil price shock and high US interest rates.
During the military government era, Netto's focus on heavy public spending contributed to Brazil achieving a record 14.4 percent GDP growth in 1974, earning him the moniker of the architect of Brazil's "economic miracle." Despite the challenges posed by the debt crisis in the early 1980s, Netto's leadership as planning minister helped Brazil manage the turbulent economic climate. Following the restoration of civilian rule in 1985, Netto continued to play a role in shaping economic and political discourse, serving in Congress and advising President Luiz Inácio Lula da Silva on economic policies during his presidency.
Throughout his career, Netto remained a prominent voice in economic circles, sharing his insights through newspaper columns and continuing to engage in political discourse. His enduring influence was reflected in his decision in 2022 to support former President Luiz Inácio Lula da Silva in the election race against far-right candidate Jair Bolsonaro. Antonio Delfim Netto's legacy as a key figure in Brazil's economic history is marked by his contributions to navigating the country through significant political and economic transitions.