Sooner than expected, and in the wake of Peru’s sovereign rating upgrade, Brazil finally got what it wanted last month – investment-grade status. Persistent lobbying by the government and perpetual optimism from the bankers seems to have had the appropriate effect. But not long after corks were popped to celebrate, the champagne had begun to go flat. Sceptics doubt whether this new status has been earned.
The top issues on Brazil’s economic agenda are tax reform, currency appreciation and inflation. Energy shortages and access to credit are next on the list. As foreign direct...
