This South American country's long-term growth possibilities were liquidated by the neoliberal governments that have been installed in power since 2016.
Goldman Sachs published "Dreaming With BRICs: The Path to 2050", a study which analyzes the economies of Brazil, Russia, India, and China during the first 20 years of the 21st century.
It is hold that these four BRICS countries should have production levels higher than the United States, Japan, Germany, the United Kingdom, France and Italy by 2050. That forecast, however, will not come true as Brazil had the worst performance of the BRICS group.
Goldman Sachs initially forecasted that Brazil would grow 101.7 percent from 2000 to 2020. The governments of Michel Temer (2016-2018) and Jair Bolsonaro (2018-2020), however, blocked the country's path to prosperity. Now, Brazil will only grow 43.6 percent compared to the level of production that it had 20 years ago.
"The country's growth is cut short by the economic disaster of the Temer and Bolsonaro administrations," local outlet Brasil 247 commented.
"The Brazilian opposition increasingly sabotaged Dilma Rousseff's government in 2015... The following year, they implemented a policy agenda based on the handover of strategic sectors, and the reduction of rights and public investments," it recalled.
#RT @Greenpeace: From the Amazon and Cerrado to the Pantanal, Brazil's vital biomes are being turned into ashes, and Bolsonaro's government is to blame.— Bito Mora (@bitomoramusic) October 20, 2020
We must stop this destruction before it's too late.
Demand action > https://t.co/DLOFXFzpYr pic.twitter.com/3Wgzvfoqai
From 2000 to 2020, Russia grew by 78.4 percent, a figure lower than what Goldman Sachs expected. Instead, the initial economic growth projections were exceeded by China (425.4 percent) and India (229.8 percent).
Russia grew below expectations because it was affected by sanctions imposed by the United States and other Western countries from 2014. A year later, the Russian economy was also severely affected by the fall in prices of oil, its main commodity.
"Brazil was on the way to being one of the largest economies in the world ... Now, not even among the BRICs, the country receives respect because of an aimless foreign policy that privileges the United States. Ultra-neoliberalism has failed," Brasil 247 added.