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The Brazilian economic model is broken: reliance on strong export volumes of commodities priced to meet voracious Chinese demand and a parallel boom in consumer growth has caught up with the country. Commodity prices are on the floor and its consumers are broke – overwhelmed by large debts and larger interest rates levied on those debts.
A recession has hit. The political paralysis caused by the fallout of corruption scandals and a president who has had to embrace the market-friendly policies (which she dismissed when suggested by her opponents in last year’s elections) have meant a loss of popular support and narrowing of the political base.
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