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Brazil's economy has been hit the hardest this year as its central bank hiked interest rates to their highest levels in nine years in a bid to battle inflation, which has moved to almost 12 year high.
Inflation has reached 9.56% in July while Central Bank is trying to target it at 4.5%. Interest rates in Brazil stands at 14.25%, highest among major world economies.
In the midst of this battle -
- Recession seems to be deepening. This year's recession could be worse in at least a quarter century.
- Real dropped to new 12 year low against Dollar. Real is likely to fall further against Dollar and developed market currencies.
- Political crisis might explode as demonstrators are demanding resignation of President Dilma Rousseff over a corruption scandal in Petrobras, state owned oil major.
- Commodities rout, such as sugar, orange juice, Coffee have worsened Brazil's current account deficit.
- Deepening recession has dwindled government tax revenue, which is struggling to balance budget.
