Brazil, a potential powerhouse with a once-booming economy, is plagued by political tensions and fiscal anxieties. Has the boom gone bust?
Up until recently, the mood in Brazil was teeming with expectation. The economy was expanding three times faster than that of the United States, poverty was decreasing and the high level of job creation was encouraging. The plan was to become one of the next world economic powers, with Rio bolstered into the public sphere after being granted the 2014 World Cup and the 2016 Olympics. What better way to promote growth and development than to host such celebrated events that would also serve as a christening of fire of sorts for such a promising country? However, in 2015, unemployment, recession, inflation, scandals, debt, a lack of international confidence and currency devaluation have hit the country hard.