Opinion: Brazil is facing economic problems and the risk of another upsurge in social unrest, writes Eric Camara. There's more than sporting pride riding on the World Cup it's about to host.
Author | Camara, Eric |
As Brazil prepares to welcome the World Cup in June, international football may seem the best reason to keep an eye on South America's powerhouse. But the shadow of last year's protests looming over a faltering economy, plus an upcoming presidential election, make the country one to watch even if you aren't a fan of the sport.
Delays in the construction of stadiums, broken promises about infrastructure improvements and violent protests have kept the country in the spotlight. It's a far cry from the headlines of seven years ago. Back in 2007, when Fifa awarded the country the right to stage the tournament, Brazil's re-elected president, Luiz Inacio Lula da Silva, was riding a wave of popularity, enjoying high commodity prices and celebrating the discovery of giant offshore oil reserves. Brazil's economy grew by 6.1 per cent that year - its highest rate in two decades.
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The mood is more sombre for his successor, Dilma Rousseff. Last year Brazil narrowly escaped a recession with a surprising spike in GDP in the fourth quarter. Still, having grown by only 2.3 per cent in 2013, it remains a pale reflection of the booming economy that peaked at 7.5 per cent in 2010.
Inflation, Brazil's historical nemesis, also raised its ugly head in 2013. It gradually forced the government to reverse its policy of lowering interest rates, setting them back to 10.75 per cent - in line with what Rousseff found when she took office in 2011. Some critics say that inflation would have been even higher had the government not used the state-controlled oil company, Petrobras, to finance subsidised fuel prices.
So, as Brazil's national team prepares to kick off the opening match against Croatia, its government is trying to solve the conundrum of how to restart the country's faltering economy without allowing inflation back - on the 20th anniversary of...
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