The Brazilian government sees hosting this year’s football World Cup as confirmation that the ‘country of the future’ has finally arrived, says Lex in the Financial Times. “If so, it will be arriving tired and out of puff.”
Having grown by more than 7% in 2010, GDP rose by a mere 2% last year, and the economy actually shrunk slightly in the third quarter.
Brazil has squandered much of the windfall it gained from the commodities boom, says Lex. Instead of using the money to boost investment, it “inflated a consumer bubble” as people were able to borrow more [...]
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