The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
The rapid erosion of Brazil's job market is taking most economists by surprise, an analysis of Reuters Polls data shows, in a worrying sign that already-grim expectations for Latin America's largest economy have not been pessimistic enough.
Brazil's central bank's two-day policy meeting kicks off later on Tuesday with all bets placed on a fourth straight interest rate increase, despite growing consensus that the country is headed for its worst economic recession in 25 years.
Borrowing in dollars is like playing "Russian roulette", India's central bank chief Raghuran Rajan said on Bloomberg TV this week.
Just as ECB President Mario Draghi announced a massive bond-buying program to revive Europe's economy and fend off deflation fears, news of shockingly low inflation popped up elsewhere in the globe: consumer prices in Mexico dropped 0.19 percent in early January, far below all 19 forecasts in a Reuters poll.
Market forecasts for Brazil's economic growth this year have been falling steadily for months, reaching a meager 0.5 percent in Reuters latest quarterly poll published on Thursday. One year ago, a similar survey predicted growth of 2.5 percent in 2015.