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The Roots of Brazil’s Economic Crisis

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Conventional wisdom holds that fiscal and quasi-fiscal profligacy caused the malaise which gripped Brazil's economy after 2013. But the problem is also deeply rooted in weak growth foundations and misguided policy choices.

SÃO PAULO/GENT – When the COVID-19 pandemic hit Brazil’s economy, the country’s per capita income was already in steady decline. It was 7% below its 2013 level in 2019, and further declines were expected in 2020. And yet not long ago, there was considerable optimism regarding the country’s economic prospects.

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