Since 2020, economic development has been impacted by the COVID-19 pandemic. That being said, by borrowing so as to provide financial assistance to help businesses, the Brazilian government has done a better job of limiting the economic slump than many other countries in the region. However, because of the support measures, public debt has continued to rise.
Disadvantaged and vulnerable groups have been especially hard hit by the pandemic – poverty and inequality have risen significantly (see also: Social situation). The International Monetary Fund (IMF) is predicting that Brazil’s economy will only experience weak growth over the next few years.
Export-oriented agricultural sector
The country’s long-term economic potential is huge. Brazil is rich in natural resources and has a broad-based industrial sector and a well-trained workforce. Its agricultural sector makes an important contribution towards world food security. Brazil is one of the world’s biggest producers of coffee, sugar, meat and soya. One challenge that remains is developing and implementing strategies for sustainable use of the country’s vast natural resources in line with the goal of conserving the natural forests.
As at: 21/04/2022