Place Credit Reports Brazil Order
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Economy Overview:
Characterized by large and well-developed agricultural, mining,
manufacturing, and service sectors, Brazil's economy outweighs that of
all other South American countries and is expanding its presence in
world markets. From 2001-03 real wages fell and Brazil's economy grew,
on average only 2.2% per year, as the country absorbed a series of
domestic and international economic shocks. That Brazil absorbed these
shocks without financial collapse is a tribute to the resiliency of the
Brazilian economy and the economic program put in place by former
President CARDOSO and strengthened by President LULA DA SILVA. In 2004,
Brazil enjoyed more robust growth that yielded increases in employment
and real wages. The three pillars of the economic program are a floating
exchange rate, an inflation-targeting regime, and tight fiscal policy,
all reinforced by a series of IMF programs. The currency depreciated
sharply in 2001 and 2002, which contributed to a dramatic current
account adjustment; in 2003 to 2005, Brazil ran record trade surpluses
and recorded its first current account surpluses since 1992.
Productivity gains - particularly in agriculture - also contributed to
the surge in exports, and Brazil in 2005 surpassed the previous year's
record export level. While economic management has been good, there
remain important economic vulnerabilities. The most significant are
debt-related: the government's largely domestic debt increased steadily
from 1994 to 2003 - straining government finances - before falling as a
percentage of GDP in 2005, while Brazil's foreign debt (a mix of private
and public debt) is large in relation to Brazil's small (but growing)
export base. Another challenge is maintaining economic growth over a
period of time to generate employment and make the government debt
burden more manageable. .
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