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Economy of Brazil

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BRAZIL ECONOMY

Possessing large and well-developed agricultural, mining, manufacturing, and service sectors, as well as a large labor pool, Brazil's GDP(PPP) outweighs that of any other Latin American country and the economy is expanding its presence in world markets. Major export products include coffee, soybeans, iron ore, orange juice, steel and airplanes. After crafting a fiscal adjustment program and pledging progress on structural reform, Brazil received a USD 41.5 billion IMF-led international support program in November 1998. [1] In January 1999, the Brazilian Central Bank announced that the Real would no longer be pegged to the US dollar. This devaluation helped moderate the downturn in economic growth in 1999 that investors had expressed concerns about over the summer of 1998, and the country posted moderate GDP growth.

Economic growth slowed considerably in 2001 — to less than 2% — because of a slowdown in major markets, the hiking of interest rates by the Central Bank to combat inflationary pressures, and fears over the economic policies of the new government to be elected. Investor confidence was strong at the end of 2001, in part because of the strong recovery in the trade balance. Highly unequal income distribution remains a pressing problem.

After Luiz Inácio Lula da Silva came to power 1 January 2003, there was some fear that Brazil would undergo a financial crisis. However, so far these fears turned out to be unfounded, and after a GDP decrease of 0.2% in 2003, Brazil has been enjoying a moderate growth during the following years of his term.


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