Forget currency collapses, capital outflows, crashing confidence, and current account carnage, there is one major reason why Brazil - no matter what - will not bounce back quickly...
As alive and well as the entrepreneurial spirit maybe (though with confidence at record lows, we suspect otherwise), it takes a stunning 83 days to "start a business" in Brazil...16x longer than in the US and almost 3x longer than China and India.
[7]
So absent massive and far-reaching reforms to collapse the bureacratic quagmire that is the corrupt government of Brazil (and crush the government sector's employment), no matter what actions, interventions, and confidence-inspiring acts the central planners undertake, the growth spirit simply won't be there!!!
Source: Goldman Sachs
