Take a glance at the stock market, and all appears well in the Brazilian economy. The Ibovespa has soared more than any other major index in the Americas over the past year — almost 60% in dollar terms at last count.

But inside C-suites and corner shops and cafes all across the country, the picture is far bleaker. With borrowing costs hovering near a two-decade peak and credit growing increasingly scarce, a historically high number of companies are fighting to keep their doors open.