With Brazil's economy set to shrink by 1.5% this year, and Brazilian bosses more concerned with survival than expansion, Dilma Rousseff, the country's president, is keen to drum up foreign investment. "I have turned into something of a travelling saleswoman," she said recently, between trips to the United States and Italy. She is peddling concessions to upgrade and run important bits of infrastructure, including airports, ports, railways and roads. Ms Rousseff hopes to attract 198 billion reais ($69 billion) in total, including 70 billion reais before she leaves office in 2018. Brazil's infrastructure is scant and shabby. The World Economic Forum ranks it 120th out of 144 countries for overall quality. Roads and airports are especially ramshackle. The rail network is barely one-eighth as big as that of the United States, a country of comparable size. With a big budget deficit and high borrowing costs, the government is in no position to boost its own investments. So Ms Rousseff has set aside her left-wing instincts to court private investment.
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