David Biller is a Bloomberg reporter covering the economy and government in Latin America. He’s based in Rio de Janeiro, where he’s currently keeping busy with covering the preparations for the World Cup and the Olympics.
In Depth recently spoke with David to discuss the cultural and business aspects surrounding the upcoming two major world events.
You’ve done a lot of reporting on the preparations for the World Cup and the 2016 Olympics, both of which will be held in Brazil. How has the nation’s economy shifted in anticipation of these events?
I’m not sure you could say the economy’s shifted in anticipation of the games. The economy’s been slowing for quite a few reasons unrelated to the World Cup and Olympics. These mega-events are often touted as shots in the arm for economic growth, but Moody’s in March estimated infrastructure spending associated with the World Cup is equal to just 0.7 percent of planned investments in Brazil from 2010 to 2014, and said the tournament will create an economic boost of about $11 billion. To put the latter figure in perspective, the annual GDP of Brazil is about 200 times bigger. The economic impact isn’t so enormous.
What’s the atmosphere like in Rio de Janeiro leading up to the World Cup?
The atmosphere in Rio is surprisingly sober. I talk to people who I presume will be bubbling over with anticipation, and instead they’re jaded. Decorations are few and far between, too. I’m told there were a lot more decorations and overt excitement in prior World Cups.
Amid all this World Cup excitement, has it been easier or harder than usual to find sources and develop stories?
It’s hard to say. There’s certainly much more appetite for stories, which means you have to be ready to pivot off developments and find angles into stories quicker than usual. All eyes are on Brazil for the World Cup, and Rio is the most frequent landing strip for foreign tourists. That, plus the fact Rio will host the 2016 Olympics, means the appetite for stories about the city is perhaps even higher than in the rest of the country.
Your normal beat is the economy and government of Brazil. How would you describe the economy of Brazil? How does it fit into the overall economic picture of Latin America?
The Brazilian economy has slowed quite a bit in recent years. That does run in line with other Latin American nations, and emerging markets more broadly amid the global economic downturn. However, a lot of things critics cite as impediments to Brazil’s growth aren’t cyclical, but structural: high taxes and tariffs, large bureaucracy and low productivity, for example. People are questioning what Brazil needs to do in order to grow at a faster clip.