Legacy of Antonio Delfim Netto: Architect of Brazil’s Economic Miracle

Antonio Delfim Netto, a key economic figure in Brazil during the military rule of the 1970s and 1980s, died at age 96. As finance minister, he presided over a period of rapid economic growth, known as Brazil's 'economic miracle.' Delfim Netto continued to influence economic policy even after the return to civilian rule.

Antonio Delfim Netto, one of Brazil's most prominent economists and economic masterminds during the military government in the 1970s and 1980s, passed away on Monday at the age of 96.

According to his office, Delfim Netto died after spending a week in the hospital due to health complications. He was Brazil's finance minister from 1967 to 1974 and later served as planning minister from 1979 to 1985 during the era of military rule.

After the restoration of civilian governance in 1985, Delfim Netto was elected to Congress five times and remained influential in both economic and political realms, frequently sharing his insights through newspaper columns. He also advised leftist President Luiz Inacio Lula da Silva during his first two terms and supported him in the 2022 elections.

As finance minister, Delfim Netto oversaw a period of rapid economic growth, termed the Brazilian 'economic miracle,' achieving a record GDP growth of 14.4% in 1974. Later, as planning minister, he navigated the country through a global financial crisis precipitated by oil price shocks and high U.S. interest rates.

In 2012, Delfim Netto donated his extensive collection of over 250,000 books to the University of Sao Paulo. Born in 1928 in Sao Paulo's working-class Cambuci neighborhood, he rose from modest beginnings, with his mother a seamstress and his father a municipal transport employee.

(With inputs from agencies.)