The year 2016 was definitely one of transition for Brazil, a country once touted along with the other BRIC members as “the next big thing.” But emerging markets are not in favor currently, and Brazil has had a tough run for the past two years, according to Waiting for the other shoe to drop in Sao Paulo: Is 2017 the time to consider real estate investing in Brazil?, a report by InDev Capital. The numbers speak for themselves:

GDP contraction of approximately 10 percent in three years; worst economic contraction in Brazil’s history Unemployment rose from 4.8 percent to 11.8 percent in three years Inflation rose from 5.9 percent to 10.7 percent in two years Interest rates rose from 7.25 percent in 2013 to 14.25 percent in 2016 (but have since been lowered to 13.00 percent in January 2017) Debt as a percentage of gross national product rose from 60 percent in 2013 to