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George Magnus

Economist and Author

George Magnus

Economist and Author

Why Brazil’s economy is all going nuts again

By George Magnus Posted on June 19, 2017November 16, 2017 In Emerging Markets Brazil, Brazil GDP 0

First published: Prospectmagazine.co.uk, 6/06/2017

As a corruption scandal rumbles on, Brazil struggles to emerge from recession. Where’s a commodity boom when you need one?

Where’s a decent commodity price boom when you need one? This question may be on the minds of a number of Brazilian politicians, as well as investors, as the country struggles to emerge from its deepest ever recession, and the deadweight of a long-running corruption scandal hovers over President Michel Temer. You may recall that he took over from Dilma Rousseff last year, after she was suspended, pending impeachment proceedings. When the Brazilian Senate voted overwhelmingly to impeach last summer, she was forced step down, leaving Mr. Temer as President until the next scheduled elections in 2018. So, is Brazil out of the woods, finally?

Last week, the statistical authorities announced that Brazil’s GDP had grown by 1 per cent in the first quarter of 2017, compared with the previous quarter. This was the first positive reading since 2014. In 2015, the economy shrank by 3.8 per cent, and in 2016 by 3.6 were cent. On the face of it, this was indeed a shot in the arm, and it followed a year in which Brazil’s financial markets have been on good form. The Bovespa equity market index rose by 80 per cent from depressed levels in January 2016 until mid-May this year, and the Brazilian Real rose by 22 per cent from January last year until October, before stabilising….Read more:

Photo by Matheus Torrezan on Unsplash

previously

previously

China’s financial clampdown will continue — for now
up next

up next

Mired in political uncertainty, will the economy now stall?

About

George Magnus

George Magnus

George Magnus is an independent economist and commentator, an Associate at the China Centre, Oxford University, and an adviser to some asset management companies.

He is a regular contributor to the Financial Times, Prospect Magazine and other written media, and appears regularly on BBC TV and radio, Bloomberg TV and other outlets.

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"George Magnus does not look like a prophet. Yet this is the man widely acknowledged to have predicted that the US sub-prime mortgage crisis would trigger a global recession."

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