Giacomelli also criticized Brazil's monetary policy under President Dilma Rousseff.
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"Brazil has gotten it wrong since the beginning of the Dilma cycle," he said about the country's recent interest rate hikes. "They put themselves in a situation that is the worst-case scenario for (emerging markets): stagflation—low growth and high inflation."
Luis Oganes, global head of emerging markets research at JPMorgan Chase, also touched on the political situation ahead of presidential elections in October.
"Inflation is still a problem, and unfortunately in Brazil cutting rates won't help growth," Oganes said at the conference. "You need reforms ... and ahead of an election no one is going to invest more in Brazil if they cut rates."
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Gaite Ali, an emerging markets equity portfolio manager at Morgan Stanley Investment Management, noted the potential upside of a new administration.
"Business confidence is very, very low in Brazil. Talk to any company and they're very gloomy about the prospects, the politics. So if you just put some things right, it's not that far out to start a virtuous cycle in Brazil," she said at the conference. "The rule of operating has been very haphazard in Brazil and that's really retrenched the appetite to invest by the private sector."
"The best-case scenario—which the market's hoping for and any Brazilian you speak to is hoping for—is one of the opposition leaders wins and puts the country on a path to reform," Ali said.