Brazil Has Fallen Into Its Worst Recession Since 1930s

Brazil, world-famous for its carnival celebrations in Rio and elsewhere, is canceling the festivities this year.

Anti-government protesters march carrying a Brazilian flag along Copacabana beach in Rio de Janeiro, Brazil, on March 15, 2015. Millions protested across the country against President Dilma Rousseff's government and the ruling Workers' Party, with many calling for Rousseff's impeachment. A massive corruption scandal at Brazil's state-owned oil company Petrobras has rocked the government and Dilma's approval ratings—now below 8 percent. Brazil's inflation rate has hovered around ten-year highs recently while the currency, the Brazilian real, has passed twelve-year lows when measured against the U.S. dollar. Mario Tama/Getty Images

Brazil, world-famous for its carnival celebrations in Rio and elsewhere, is canceling the festivities this year. As the Financial Times reports, across the country towns and cities “are being forced to scrap the annual carnival parade as the country is braced for what is expected to be the worst recession since at least the 1930s.”

With “unemployment and inflation rising, and President Dilma Rousseff’s government mired in the biggest corruption scandal in the country’s history, Brazilians are in no mood to party.”

It is a shame that the hard-working people of Brazil have to suffer the consequences of such bad governance.