Brazil emerged from the financial crisis and ensuing global recession a resurgent power, with economic and political credibility that could not have been dreamed of a decade earlier. The country’s international stature soared, buoyed by its resilient economy, forward-thinking politicians and the credibility gained by the elevation of the G20, of which it is a leading member, as the world’s premier economic club. Winning the right to stage the 2014 World Cup and the 2016 Olympics seemed to crown a year of unmitigated success.
A year later and Brazil still has much to be proud of. Both economic growth and financial markets have remained extremely robust while much of the developed world has been stuck in recession or, at best, experiencing sluggish economic growth that is expected to continue in the medium term. Brazil has been confirmed as a crucial part of the elite club of developing nations – along with China and India – widely expected to assume the mantle of the US as the driving force of global political and economic life.
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| President Luiz Inácio Lula da Silva |
However, the picture for Brazil is not that simple.