DAVOS, Switzerland — Brazilian President Michel Temer urged the industry giants at the World Economic Forum to invest in his country despite its falling credit rating, by promising tax reform, efficient bureaucracy and fiscal responsibility.
“Brazil is back in business,” Temer said Wednesday. “Do invest in Brazil and you shall not regret it.”
Brazil’s fiscal crisis began in 2015 and the country has suffered from a high unemployment rate and a deep budget deficit. Two weeks ago, the ratings agency S&P downgraded Brazil’s credit rating from BB to BB-.