In May, Temer took office as a stand-in for the impeached Rousseff, at which point the Financial Times reported the grim news that Brazil’s economy had contracted 5.4 percent in the first quarter from a year previously. In turn, the World Bank says the shrinking of Brazil’s economy by 3.8 percent in 2015 represents its worst performance since 1981, four years before the country returned to civilian rule. Brazil can also take heart from Argentina’s recovery from its 1998-2002 economic crisis. Brazil is in the midst of its worst political, economic, social and – some say – cultural crisis in decades. Yes, but the steps required to overhaul Brazil’s bureaucratic madness are politically tricky to take, particularly given the current climate in the country.

Source: The Bubble August 04, 2016 17:03 UTC