Brazilian presidential election won by reformer Jair Bolsonaro

Brazil second round will be on Sunday Oct. 28

Although many voters expressed a strong dislike for Bolsonaro, even more, rejected Haddad and his Workers' Party, which had won the past four presidential elections.

He takes over on 1 January 2019.

"We are going to change the social-democratic economic model". He has also promised to cut environmental regulations and make Brazil friendlier to global investors.

His schedule includes meetings with deeply unpopular outgoing President Michel Temer, as well as the chief justice of the Supreme Court and the army chief of staff.

"The fiscal situation is so dire that the market needs some kind of signal", said Matthew Taylor, an associate professor at American University's School of International Service.

One of his top advisers, economic guru Paulo Guedes, promised Sunday night that the changes would be sweeping indeed, at least as far as managing the world's eighth-largest economy is concerned. "We need pension reform... and we are going to accelerate privatizations". (.) Brazil has spent 30 years letting its public expenditures balloon.

Attempts to reform the bloated pension system have failed repeatedly and will again be met with opposition over everything from the retirement age — now many retire in their early 50s— to who gets excluded from reforms.

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"Bolsonaro is unlikely to benefit from much of an intense honeymoon", consultancy Eurasia Group said in a note. Bolsonaro himself was stabbed and nearly died while campaigning in early September.

The rise of Bolsonaro, who cast himself as a political outsider despite a largely lackluster 27-year career in Congress, parallels the emergence of hard-right leaders in many countries.

Brazil's politics have tended for a fair time to favour the left.

In particular, many Brazilians were furious with the Workers' Party for its role in the graft scheme revealed by the "Operation Car Wash" investigation, which uncovered billions of dollars in bribes paid to politicians via inflated construction contracts. Luiz Inacio de Silva, former Workers Party President is now serving a 12-year prison sentence for his part in the corruption.

Bolsonaro has promised to defend Brazil's constitution and unite a divided populace following a bitter campaign.

His left-wing rival immediately vowed to mount a vigorous opposition, while rights groups warned against a rollback of civil liberties.

That juxtaposition underscores that the political acrimony is far from over.

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Opponents have warned Bolsonaro would try to veer toward authoritarianism after he openly expressed his admiration for Brazil's brutal military dictatorship (1964-1985) and its torture of leftist dissidents. "This must be the agenda for the immediate future".

Bolsonaro's candidacy raised serious concerns that he would roll back civil rights and weaken institutions in what remains a young democracy. Human Rights Watch called on Brazil's judiciary and other institutions to "resist any attempt to undermine human rights, the rule of law and democracy under Jair Bolsonaro's government".

Bolsonaro has repeatedly said he would pull Brazil from the Paris agreement on climate change, though last week he backed off on that.

U.S. President Donald Trump says he has had "a very good conversation" with Brazil's new far-right president-elect and they'll be working together on trade and the military.

Within minutes of his victory, worldwide rights groups began expressing concerns.

French far-right leader Marine Le Pen has sent a message of encouragement to Brazilian President-elect Jair Bolsonaro.

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