Prices are Clearing the Markets

Prices are Clearing the Markets

Brazil

The economic outlook for the whole world has been deteriorating since the beginning of the year, especially so after the terrorist attacks at the World Trade Center and the Pentagon. Nevertheless, very few countries, if any, have been as hard hit as Brazil. Most analysts would agree that this is due to a combination of self-inflicted injuries and a large dose of bad luck. When 2001 started, hopes were high that economic growth would resume. After all, Brazil had done a lot. Hyperinflation was dead since the start of the Real Plan in 1994, Brazil's fiscal position had improved remarkably since the end of 1998. Privatization had been very successful in many sectors including mining, stee

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