Economic Hardships from 9 Reasons Brazil Isn't Ready for the Olympics (Slideshow)

9 Reasons Brazil Isn't Ready for the Olympics (Slideshow)


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Economic Hardships

When the International Olympic Committee announced in 2010 that Rio would be hosting the 2016 Olympics, Brazil’s gross domestic product grew by nearly seven percent. Since 2010, however, its GDP has plummeted. In the last two years, Brazil has entered its worst economic crisis in almost 100 years, with unemployment rising almost 11 percent, wages dropping drastically, and the state amassing a $6 billion deficit. The citizens of Brazil have been clamoring for improvements to housing, education, and poverty levels, but programs to assist in those areas have been cut and the country’s money ($4.6 billion of it) has instead been directed toward the Olympics — despite the fact that economists dispute the notion that the Games provide any major economic benefit to host countries.