Of all the BRICS, Brazil would seem, on the face of it, to be in the worst shape.

BRICS, of course, stands for Brazil, Russia, India, China and South Africa, a catchphrase that was meant to connect their rapidly growing economies. But that was then. Today, their economies are sluggish at best, and their prospects no longer seem so bright.

Everybody knows about China’s troubles: its falling stock market, its slowing economy and the amateurish attempts by the government to revive them, as if they should somehow snap to when the Communist Party gives an order.

Russia’s problems are also well known: In addition to the annexation of Crimea, and the ensuing Western sanctions, the Russian economy has slowed with the decline of the price of fossil fuels, its primary export. The South African economy is in such trouble that even its president, Jacob Zuma, described it as “sick.” Although India grew by 7 percent in the second quarter, that number was below expectations, and in any case, probably overstates the health of the economy, Shilan Shah of Capital Economics told BBC News.

And then, sigh, there’s Brazil. Inflation? It is closing in on 10 percent. Its currency? The real’s value has dropped nearly in half against the American dollar. Recession? It’s arrived. The consensus view is that the Brazilian economy will shrink by some 2 percent in 2015. Meanwhile, “between 100,000 and 120,000 people are losing their jobs every month,” says Lúcia Guimãraes, a well-known Brazilian journalist.