Brazil

The Brazilian economy has been severely shaken by the financial crisis that has been afflicting the world economy since mid-1997. GDP growth amounted to just 0.2%, which pushed unemployment up to 7.6%, while the country’s balance-of-payments position —already extremely vulnerable to external shocks because of the country ’ s sizeable fiscal deficit and overvalued currency— was further complicated by a downturn in the terms of trade and an abrupt reduction in capital flows to emerging economies. This, in turn, put a huge drain on foreign exchange reserves. On the other hand, the major achievement of 1998 was the reduction of inflation to its lowest level in the past 50 years (2.5%).

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions