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Brazilian economy in hands of World Cup flops

Brazilian economy in hands of World Cup flops

When Brazil was awarded the football World Cup in 2007, its economy was growing at an annual rate of 6 per cent and the local stock market had scored a record high. Seven years on, and with the tournament now underway, things are very different. Growth has slowed to a trickle and Sao Paulo’s benchmark Ibovespa index has been on a downward trend for the past three years. Civil unrest, too, has been an overriding theme of the build up to this World Cup, and, according to analysts at Deutsche Bank, the outcome of a general election later this year could be "the most important for financial markets since 2002."

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