Economy
Brazil is also among the leading emerging countries, the so-called BRIC states (Brazil, Russia, India, and China). Its gross domestic product (GDP) amounted to almost 1.65 trillion U.S. dollars in 2021, making it one of the largest economies in the world. However, after years of high growth rates, economic growth in Brazil stagnated during after 2013, estimates even show a -3.6 percent contraction in 2016. Brazil's economic growth is not expected to return to previous heights before 2023. GDP per capita fell sharply between 2014 and 2016 due to the recent recession, and then again during the Covid-19 pandemic. Still, it is on par the GDP per capita of other emerging economies.Brazil’s unemployment rate has increased considerably in recent years. While fewer than nine percent of Brazilians were unemployed in through most of the last decade, the unemployment rate jumped five percentage points from 2015 to 2020, bringing it to 13.7 percent. However, 2020 also saw a nearly six percentage point reduction in the inflation rate compared to 2015, bringing it down to a healthy 3.2 percent.
Trade
Brazil's exports are worth approximately 210 billion U.S. dollars, and imported goods are valued at about 166 billion U.S. dollars. It is thus neither a leading export nor a leading import country. Its most important export and import partners are China, the United States and Argentina.Brazil’s national debt has increased over the last few years, passing the 98 percent threshold in 2020, and it is expected to remain above 90 percent in the near future. Additionally, the budget deficit increased significantly during the pandemic, and it is projected to remain larger than four percent of GDP for the foreseeable future.
