BRAZIL: Progress and Pessimism

Brazilian economist João Saboia discusses the successes and daunting challenges facing Latin America’s largest economy.

In the United States, recovery from the Great Recession began in mid-2009 and has continued for the past five years. But for many Americans, the economy still doesn’t feel strong. Despite healthy GDP growth and rising stock prices, labor market weaknesses leave many people unemployed, underemployed, or out of the labor market. Correspondingly, the income distribution has deteriorated, with economic gains going disproportionately to the top of the income distribution.