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Rousseff or Neves? Brazilians Await Bad News Whoever Wins

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Whoever wins Brazil’s presidential runoff election this Sunday won’t have much good news to deliver on the outlook for the world’s second-largest emerging market.

Brazil is in recession, and annual inflation is above the ceiling of its target range. A widening budget deficit threatens the country’s investment-grade status, and business confidence hovering around five-year lows has driven investment to the lowest rate among the BRICS nations, which include Russia, India, China and South Africa.