Brazil's economy was blazing along in the first decade of this century, turbo-charged by China's appetite for commodities. And there was the added boost of being named, by a Goldman Sachs exec, one of the rising economies to watch — the BRICS, Brazil, Russia, India, China and South Africa. Then China's economic growth slowed, demand for commodities dropped and Brazil fell into its worst recession in a century, intensified by its worst corruption scandal ever.
Brazil is beginning to emerge now, after two years of economic contraction and political turbulence. What are its prospects for again being seen as one of the great rising economic powers of this century? Host Mary Kay Magistad visited Rio de Janeiro to find out.
Roiled by two years of recession, the impeachment of one president and indictment of another, and its worst corruption scandal ever, Brazil is not exactly on the path predicted at the beginning of this century, when it was hailed as one of the globe's most promising rising economic powers. What happened? Inequalities and imbalances at home may have been papered over in boom times, but they didn't go away, and now Brazil's leaders face the challenge of finding a more sustainable and equitable way forward.
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