The World Cup may be kicking off , but Brazil is not in the mood to party. As far as the economy and stock market are concerned, the party of the last few years is over and a hangover has set in. Economic growth, which hummed along at over 4% a year for much of the past decade, has slowed to an annual pace of just 1.9%.
So what’s gone wrong? Brazil is a major exporter of commodities, notably iron ore, and now that China’s appetite for commodities has cooled, momentum has ebbed.
The domestic economy is unlikely to come to the rescue: consumers [...]
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