17/11/2015

BrazilsEconomicCrisisBeatstheEmergingMiddleClassBackDownWSJ

Thiscopyisforyourpersonal,noncommercialuseonly.Toorderpresentationreadycopiesfordistributiontoyourcolleagues,clientsorcustomersvisit
http://www.djreprints.com.
http://www.wsj.com/articles/brazilseconomiccrisisbeatstheemergingmiddleclassbackdown1447115566

| M
B m B
m M B

f, x mpm p
m p

TheonceimprovingfortunesofpeopleinSantaMarta,aneighborhoodinRiodeJaniero,arenowatriskfromBrazils
troubledeconomy.PHOTO:PAULKIERNAN/THEWALLSTREETJOURNAL

B P
v. 9, 2015 7:32 p.m.
J pp v M, m fv
f m , m v v
pp b.
F 52-- mm, m v pf f f
f f m. B m m b
http://www.wsj.com/articles/brazilseconomiccrisisbeatstheemergingmiddleclassbackdown1447115566

1/5

17/11/2015

BrazilsEconomicCrisisBeatstheEmergingMiddleClassBackDownWSJ

b m b xp. vm b v
b b 280 ($72) m, fv m .
v m, ff v m , M. v .
f B pmm v q p f v
F.
M. v m f v m p
p m p B m m b.

JobseekerswaitedinlineatanemploymentfairinRiodeJaneiroearlierthisyear.PHOTO:DADOGALDIERI/BLOOMBERG
NEWS

b mpm 7.6% pmb, f

m fv . m v xp m p
3.1% 1.9% x , B f B
v. f pp 10% f p p b m
b p . ff b vm
m b f pf x , f mp
fm b.
xp m m pp f f B
, ff vb. B
f, 35 m mmb f B m vb,
M P, p fm P .
v jb fm, . f f
v f.
B v x
fm f m . m
m q , B m f p p
p m p, .
http://www.wsj.com/articles/brazilseconomiccrisisbeatstheemergingmiddleclassbackdown1447115566

2/5

17/11/2015

BrazilsEconomicCrisisBeatstheEmergingMiddleClassBackDownWSJ

M m . v b m.

p f

M , v M

mm xp ff pb ff m v
f , -f pm 14 m mpv
fm. Mmm- v m 11% 2003
f m bm f pm.
B 2003 2013, B m m 87% m,
mp 30% p p m p, M ,
m b m v P m
ff -ff m.
Pp f b pp, pp
, p pp, b pp, m , fm pp
m f , M. .

v p v p m
b f p, v m f
p m p.
, f m-m m p m

b , B m p .. p,
m b b 2,300 9,500 m. B
112.6 m pp 2013 fm 67.9 m 2003, vm
m.
mm M xmpf . F f
pv m v M J 1996 b ,
b , v , pb m p p
p p. M m v pp f v
B , m
f m .
b, b f m b, m Q, 27http://www.wsj.com/articles/brazilseconomiccrisisbeatstheemergingmiddleclassbackdown1447115566

3/5

17/11/2015

BrazilsEconomicCrisisBeatstheEmergingMiddleClassBackDownWSJ

- fm mm. xp p v
p f v, p v b mb f
m v fv p.
Px, m m p f m f B fm
pv p f f v .
B b pv b b m m m,
f m b.
v p
v p
m
b f p,
v
m f p
m
p, ,
f m-m
m p
m.
m v m
B x m m
v,
m f m-
- .
b v,
vm
f- x m
, mp m
mf p.
p pp
m-x b b
ff v b
4.5%, f
f .
mb f B
b pm
57 m pmb,
39% f
pp, b P
B .
http://www.wsj.com/articles/brazilseconomiccrisisbeatstheemergingmiddleclassbackdown1447115566

4/5

17/11/2015

BrazilsEconomicCrisisBeatstheEmergingMiddleClassBackDownWSJ

f m M , 46-- v
M. f mv p ;
f b m b b.
M m , . v b m.
P p.@j.m

Copyright2014DowJones&Company,Inc.AllRightsReserved
Thiscopyisforyourpersonal,noncommercialuseonly.DistributionanduseofthismaterialaregovernedbyourSubscriberAgreementandby
copyrightlaw.Fornonpersonaluseortoordermultiplecopies,pleasecontactDowJonesReprintsat18008430008orvisitwww.djreprints.com.

http://www.wsj.com/articles/brazilseconomiccrisisbeatstheemergingmiddleclassbackdown1447115566

5/5