However, there are still many believers in the long-term potential of this country and its increasing population of middle class consumers, not least the UK Government which is urging British companies to take advantage of the growth story by improving trade ties with Brazil.
The 2014 World Cup, as well as the Rio Olympics in four years' time, are also expected to provide an additional boost to the economy.
With this in mind, FE Trustnet looks at methods of gaining exposure to the region:
Invesco Perpetual Latin America
Manager Dean Newman has returned 634.2 per cent to investors over 10 years – the second-highest of any manager in the IMA universe.
He failed to achieve the FE Alpha Manager accolade because the markets he invests in have done so well, meaning that he has not added much value.
However, those invested in the fund are likely to be satisfied with their returns; according to FE data, Invesco Perpetual Latin America has made 686.16 per cent over 10 years – easily the best return of any fund in the IMA universe with more than 25 per cent in Brazil.
The Alpha added to the fund over 10 years is 7.22 per cent, which is the highest of the four Latin American funds with a track record that long.
An annualised volatility over that timeframe of 26.58 per cent is the highest of these funds, but within two-tenths of a per cent of each of its rivals.
The five crown-rated fund currently has 62.21 per cent invested in Brazil. It has a minimum investment of £500 and a total expense ratio (TER) of 1.73 per cent.
iShares MSCI Brazil Index
Newman’s gains are vast, but they are blown away by the iShares MSCI Brazil Index tracker. An investor who had bought the product a decade ago would have seen their money grow by 745.21 per cent.
The MSCI Brazil index it tracks has done even better, gaining 946.36 per cent in this time.
Performance of fund vs ETF and index over 10-yrs
Source: FE Analytics
Of course, Invesco Perpetual Latin America doesn’t cover Brazil alone, so it is no surprise that its performance differs from the country’s index.
The diversity it offers may also appeal more to investors who want emerging market exposure without putting all their eggs in one basket.
The large disparity between the ETF and the index may cause some concern, but the TER on the tracker is only 0.59 per cent.
BlackRock Latin American IT
In the closed-ended space, BlackRock Latin American is the standout performer of those with significant exposure to Brazil.
The trust has made 630.25 per cent over a decade, although it is down 4.78 per cent over the past year.
Performance of fund vs benchmark over 10-yrs
Source: FE Analytics
It has failed to beat its MSCI Emerging Markets Latin America benchmark during this time: the index is up 663.31 per cent.
However, during certain up-periods the fund has beaten its benchmark quite considerably.
Allianz Brazil
None of the open-ended funds that focus exclusively on Brazil have exceptional records, with all being launched in recent years when the indices in the country have produced weaker performance.
Since opening, Michael Konstantinov’s fund has lost 19.93 per cent, while its benchmark is down 17.38 per cent.
In recent months, however, performance has picked up, with the fund beating the index over one year, and six and three months.
Aberdeen Latin American Equity
A new entrant into the region that may be worth keeping an eye on is Aberdeen Latin American Equity.
Aberdeen Asset Management has a peerless reputation for emerging market fund management, with its Asian funds especially successful.
This fund was launched last February and has managed to outperform its benchmark so far.
Performance of fund versus benchmark since launch
Source: FE Analytics
It currently has 63.8 per cent invested in Brazil and a further 22.2 per cent in Mexico.
Investors can gain access with a minimum outlay of £500, while the TER is 1.98 per cent.