Rio was the fourth emerging-world city to be awarded the Olympic Games, says the FT’s John Authers.
Like Mexico City in 1968, Seoul in 1988 and Beijing in 2008, it secured the event after a long period of growth – which then stalled or slowed.
The peak of the Brazilian stockmarket in 2009 coincided almost exactly with Rio’s selection as host city. After that, the end of the commodities boom, overspending and political turmoil drove investors away.
Now, however, the recession may be easing, and a new market-liberal president is fuelling confidence.