The elections were held in the midst of an economic crisis that began in the second term of the incumbent president, Fernando Henrique Cardoso of the centre-right Brazilian Social Democracy Party (PSDB).

Luiz Inácio Lula da Silva of the Workers' Party (PT), a former labor leader and federal deputy for São Paulo, ran for president for a fourth time.

Lula somewhat moderated his political approach in the 2002 presidential campaign, writing a document now known as the Letter to the Brazilian People to ease fears that he would transition Brazil into a full-fledged socialist economy.

[1] Staying true to this turn to the center, Lula chose José Alencar, a millionaire textile businessman and Senator from Minas Gerais associated with the centre-right Liberal Party (PL), as his running mate.

[2] Following a tense intra-party battle over who would run to succeed Cardoso on the PSDB ticket, former Minister of Health José Serra was ultimately selected by the party to be its standard bearer for President in 2002.

[3] Rita Camata, a federal deputy for Espírito Santo and member of the centrist Brazilian Democratic Movement Party (PMDB), was chosen as his running mate.

[9] Commencing shortly after the 1998 elections, when Cardoso was re-elected, as a currency crisis, it resulted in a decrease in growth and employment rates and a rise in public debt.

Lula was then forced to sign a text that became known as Carta aos Brasileiros (Letter to the Brazilian people), promising that if he won the election, he would not change the economic policy of Brazil.

[11] According to a report by The Economist, Jereissati enjoyed broader support among the PSDB's coalition partners than Serra, whose performance on the campaign trail was considered lackluster.