Despite the adverse external environment, the Brazilian economy has been reacting positively to the various countercyclical measures adopted by the Brazilian government.

FORBES: Brazil's B In BRICs Stands For Boring

The economy has been hurt by high interest rates and a weak external environment, which has led to a collapse in private investment, coupled with large fiscal and current-account deficits.

WSJ: India Cuts Policy Rate

The economy has been hurt by high interest rates and a weak external environment, which has led to a collapse in private investment, coupled with large fiscal and current account deficits.

WSJ: India Cuts Policy Rate