2014 Brazilian economic crisis
From mid-2014 onward, Brazil experienced a severe economic crisis. The country's Gross Domestic Product (GDP) fell by 3.5% in 2015 and 3.3% in 2016, after which a small economic recovery began. That recovery continued until 2020, when the COVID-19 pandemic began to impact the economy again.
January 2016 cover of The Economist magazine about the crisis. The cover depicts then-president Dilma Rousseff.
Cover of The Economist in January 2016 ("Brazil's fall: Dilma Rousseff and the disastrous year ahead"), highlighting the negative aspect of the then-president
Guido Mantega, Minister of Finance during the first Dilma government. In July 2012, Mantega admitted for the first time that the government practiced a new "macroeconomic matrix".
Joaquim Levy, Minister responsible for fiscal adjustment, in March 2015
A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly result in a loss of paper wealth but do not necessarily result in significant changes in the real economy.
Black Friday, 9 May 1873, Vienna Stock Exchange. The Panic of 1873 and Long Depression followed.
Declining consumer spending
The Roman denarius was debased over time.
Philip II of Spain defaulted four times on Spain's debt.
