Brazil looked like the next great economic growth story a few years ago, right after China. So how did things there get so bad, so fast?
Five years ago its economy grew three times faster than the United States. In 2011 its economic size surpassed Great Britain’s. Millions of Brazilians moved from poverty to the middle class, and the president at the time, Luiz Inácio Lula da Silva, had an 83% approval rating.
Eike Batista, once Brazil’s richest person, told “60 Minutes” that his nation was realizing its potential.
“Brazil has put its act together,” Batista told 60 minutes in 2010. “We’re walking into a phase of almost full employment…It’s unbelievable.”
It certainly was unbelievable.
Brazil’s economy has had a dramatic fall from grace. The nation has been embroiled in a massive political scandal, it’s seen a historic bankruptcy and is being led by an unpopular president, Dilma Rousseff, who is trying to preserve Brazil’s economy.