Brazilians have faced recession for about a third of their adult lives

The Brazilian economy ended 2021 in a better place than expected, having managed to recover from the losses accumulated during the pandemic, thereby ending a two-quarter recession. Still, with inflation and interest rates through the roof, persistently high unemployment, the looming October elections, and war in Ukraine, there is massive uncertainty around 2022. 

Old enemy. Analysts overwhelmingly expect this year to be one of stagflation — where low growth meets high inflation. This is a scenario that is all too familiar to Brazilians: over the...