The Brazilian economy shrank 3.8% in 2015, the biggest annual drop since 1990, and the country is in its longest recession since the 1930s – a downturn that is hitting the middle class or would-be middle class hard.
CNN Money recently interviewed someone from a lower middle class neighborhood or favela in Rio de Janeiro who had this to say:
“I have never seen anything like this. My parents would tell me about hard times, but today it is really tough. Prices are going up every day… Everyone is worried about this. As interest rates go up on food, electronics and other goods no one knows how they will pay these things off.”
To read the whole article, Brazil recession: ‘I’ve never seen anything like this,’ go to the website of CNN Money. In addition, visit our Brazil ETF list page.
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