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Bearish on Brazil

The Commodity Slowdown and the End of the Magic Moment

Author: Ruchir Sharma
May/June 2012
Foreign Affairs


Until recently, there seemed plenty of reasons to be bullish on Brazil. Having posted record growth for a decade and weathered the financial crisis well, the country looked poised to become a global economic leader. But the would-be giant stands on feet of clay. The economy depends too much on high commodity prices, and as demand falls, so may Brazil.

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