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Concept
Economy of Brazil
Summary
The economy of Brazil is historically the largest in Latin America and the Southern Hemisphere in nominal terms. The Brazilian economy is the third largest in the Americas. The economy is a middle income developing mixed economy. In 2022, according to International Monetary Fund (IMF), Brazil has the 10th largest gross domestic product (GDP) in the world and has the 8th largest purchasing power parity in the world.
In 2022, according to International Monetary Fund (IMF), Brazilian nominal GDP was US8,857 per inhabitant.
The country is rich in natural resources. From 2000 to 2012, Brazil was one of the fastest-growing major economies in the world, with an average annual GDP growth rate of over 5%. Its GDP surpassed that of the United Kingdom in 2012, temporarily making Brazil the world's sixth-largest economy. However, Brazil's economic growth decelerated in 2013 and the country entered a recession in 2014. The economy started to recover in 2017, with a 1% growth in the first quarter, followed by a 0.3% growth in second quarter compared to the same period of the previous year. It officially exited the recession.
According to the World Economic Forum, Brazil was the top country in upward evolution of competitiveness in 2009, gaining eight positions among other countries, overcoming Russia for the first time, and partially closing the competitiveness gap with India and China among the BRICS economies. Important steps taken since the 1990s toward fiscal sustainability, as well as measures taken to liberalize and open the economy, have significantly boosted the country's competitiveness fundamentals, providing a better environment for private-sector development.
In 2020, Forbes ranked Brazil as having the 7th largest number of billionaires in the world. Brazil is a member of diverse economic organizations, such as Mercosur, Prosur, G8+5, G20, WTO, Paris Club, Cairns Group, and is advanced to be a permanent member of the OECD.
Official source
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