Broke in Brazil
Brazil’s urban centres are watching investment dry up as the country’s economy continues to flounder. The southern city of Curitiba, often touted as one of Brazil’s most liveable places, saw a massive drop of 84 per cent in investment compared to last year. Meanwhile, state capitals in Minas Gerais and Bahia reported losses, and even São Paulo is having to rethink strategy ahead of next year’s local elections. Only one mayor is not too worried: Eduardo Paes, mayor of Rio, the only city that saw an increase in investment. “If it weren’t for the Olympic Games, Rio would not be attracting so much investment and would have difficulties making up revenue that it has lost due to shrinking royalties [it receives from oil production],” says Thiago de Aragão of London’s Foreign Policy Centre.