Brasil's GDP is heavily weighted towards household consumption, and insufficiently to business investment, leading to insufficient capital deepeening and productivity improving capital investment.

IMF - Consumption in Brasil - Where to Next? 2017

"The favorable factors that boosted consumption in the past look set to wane going forward. Over the early-to-mid 2000s, Brazil reaped the benefits of rapidly-rising incomes, real wages, employment, and productivity that resulted from structural and institutional reforms. This rapid phase of development also came against the backdrop of very favorable external conditions including a reduction in global interest rates. The structural boost consumption from these factors looks set to continue diminishing over the medium term. Moreover, in the short term, a number of cyclical factors look set to weigh on consumption, including labor market weakness (and slower income growth), higher real interest rates (domestic and international), and a potential re-evaluation of appropriate levels of debt and debt service on the part of households and banks, that could prompt a period of deleveraging and slower credit growth."