Bolsonaro like Trump has the high likelihood of serving two terms, ie. eight years. Outside of being a reversal of Latin American pink tide alongside his fellow authoritarian Ivan Duque of Colombia, Bolsonaro's election shows a distinct shift in Brazilian geopolitics, shifting from South-South cooperation(translation to Simple English: investing in Africa and Southeast Asia) and alternative power blocks(also translation to simple English, leaving BRICS and Russia/China/India axis) to a more early Cold War geopolitics(translation to Simple English: opening up Native American lands/Amazon forest and public resources for Western companies as well as joining Cold War era Atlanticist groups like the OECD, which Colombia and largely left-wing Costa Rica are expected to join soon).
Bolsonaro's election is also a significant shift in oil markets, as his privatization efforts will bring the overall oil prices down. This can cause global deflation which will most likely cause a recession somewhere, even if that somewhere doesn't turn out to be US like in the 1980s oil glut.
Why did this happen? Well, lots of reasons. Cambridge Analytica, Operation Condor 2.0, Steve Bannon etc. but there is only one true culprit here, corruption. Brazil remains one of the most unequal countries in world, with one of the largest gaps in its HDI(759 for 2017) to IHDI(578 for 2017), making it one of the most unequal countries in the world that happens to one of the world's largest economies. This comically large gap is the main sources of pain for Brazil's centrist parties, and as of now it will be the Achilles' Hell for the Brazilian left.
It didn't need to be this way, of course. Lula and Rousseff could have chosen a more Norway or Scotland approach to diversify Brazilian economy from manufacturing and oil production or chosen a more Chilean/Argentinean approach and seek closer relationships with European Union. This would not have stopped right from taking power, but it would have stopped an actual and open fascist taking the presidency(and yes, all of these apply to former liberal President Santos of Colombia, but for opposite reasons).
So, can Bolsonaro fix Brazilian corruption by completely burning everything to ground? The answer is... mixed to say the least. While these sorts of authoritarian leaders continue to gain traction because the increased economic stability, this often comes at a cost. You see, these sorts of "shock therapies" are very good for gaining a quick growth that will help a larger mass of people to reach upper middle-class status far more quickly than Workers Party government. But eventually the bubble will burst, horribly. Brazil already seen this movie with the military dictatorship, which got popular with the Brazilian Miracle period, only to dissolve back into nothingness with hyperinflation. However, the so called Brazilian Miracle lasted for 4 years with its effects continuing for about 7 years, so Bolsonaro will likely only see negative political ramifications years after his presidency.
Another thing to remember is of course even if the Bolsonaro's political bubble bursts with its economic bursting he would have lifted tons of people out of poverty by doing absolutely nothing, because of capitalism works. We see something similar with Trump's early presidency which largely rode off Obama era policies until he started developing his own economic policy (or lack thereof). As Temer government hasn't successfully ripped apart the social security net Worker's Party built(because of most of it are constitutional parameters introduced after the end of military dictatorship, meaning not even Bolsonaro can destroy willy nilly) Bolsonaro will have at least two years of a great economic stability.
tl;dr he is here for a long time, and he might be the president to bring Brazil into OECD, and your oil expanses will probably go down a bit.
