"The Flight of Brazil's Expats" - interesting reading

[mvan1]

Below is cited an UNSCIENTIFIC article/report. However, the article/report is based on facts.

I found the article interesting reading.

Maybe others will, as well.

http://news.yahoo.com/flight-brazils-expats-080000038.html

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[ihpguy]

Nice article. I know from personal experience how many expats were arriving abd applying for visas these past 5 1/2 years. I had my own issues with the Federal Police here while finally getting my permanent residency after over 5 years of trips to Galeão. I heard many different languages being spoken. During the last year and a half things finally sped up with the number of investigations by the PF declining. And not just me. I have a friend here from Fullerton CA who has waited.over four years since getting married for his permanent residency.

Totally unscientific observation, but thé fleet of oil service ships and tankers moored in Guanabara Bay has never been larger since I first arrived in 2003. And the construction of the refinery in Itaborai has been halted. Once the works in progress for the Olympics end, it probably will only get worse as the city, state and federal governments try to come to grips with payment on the debt by tightening their belts and.putting even more people out of work.

[ihpguy]

On a related note, the official unemployment rate for the latest trimester rose to 8.6% on an anualized basis. The.previous quarter had a rate of 7.4%. Year-on-year through the end of August 2015 saw a net hob loss of 970,000 jobs. Official figures show 8.622 million un-ployer. The average monthly salary before taxes and SSI contribution deductions was R $1881. An increase of only 2% over 2014. And way below the official inflation rate of 9.4%. Last week a tank of cooking gas went up for R$53 to R$63.

On a personal note, reflecting on Brasil s economic crisis, Thiago is serioisly afraid that

he is going to get fired. No matter how good of an employee he is. New hires for his position are being paid 30 percent less than he is earning.

These figures undoubtedly do not include the severe financial dislocations when BoyToy posters male temporary trips to São Paulo, Porto Alegre and Rio de Janeiro.

[ferrar]

Thoughtfully written piece. I couldn't agree more with ihpguy that once the Rio Olympics is over, all investments and public works projects in the area will come to a grinding halt - just as they already have with Rio's fellow 11 host cities of the World Cup.

So what legacy will all this construction still tying traffic in knots leave for the local population, and visitors? Cynics will claim yet another collection of white elephants. The Pan-American games did not exactly set much of a bar. Although to be fair it did leave Engenhao stadium for the Botafogo futebol team. Ask the club (and its fan base) how that went.

[ferrar]

Another angle to the article would be how Brazil's own expat managers - working for local and international multinational companies - actually asked to be transferred back home during the 'boom' years. That was unprecedented, as the ones I know always looked to such companies as a way to get the hell out of their home country in favor of better opportunities. Brazil expat managers always seem to be in demand internationally as they have had so much to deal with in the local economy -managing in the face of exchange rate crises, capital flight, macroeconomic policies that change by the day, etc. The idea being that if they can succeed in Brazil, they can succeed anywhere. Of couse if that sounds like where the country is now, most of those managers have beat you to it and have already ended their 'experiment' and gone back abroad. Brazil's loss.

[ihpguy]

Ferrar,

I don't think most readers on this thread have a clue as to your joke about the Engenhao stadium. What was told to me were that the steel arches the support the roof were built with thinner gauge tubing than specified. So the entire stadium has been closed for a couple years as they install new support towers so the whole thing comes crashing down on our heads. Why thinner gauge? Only way to steal Reais for payments to politicos.

And not to forget that the Maracana was redone for the Pan-Am Games and once more a few short years later for the World Cup.

Worth noting per your mention of Botafogo, are the teams and their debts to the government for years of unpaid taxes.

[JAYBLK]

The lessons seem to be: when you think the economy has hit rock bottom, after the Olympics, look for cheap beachfront real estate and stock in politically connected construction companies. Start selling both the next time Brazil is on th cover of American business magazines as a miracle. Repeat.

[JKane]

Always the "flight of the chicken" in South America, it would seem.