Brazil Shows Emerging Markets What Not to Do, India's Rajan Says

Brazil provides a cautionary tale to the world on the perils of trying to grow too fast, according to Indian central bank Governor Raghuram Rajan.

Brazil’s high growth rates in recent years came on the back of stimulus and low interest rates, Rajan said. Cheap government-backed loans, price controls and corruption scandals made things worse, he said, setting the stage for an economic meltdown this year.