Economy of Brazil:


Brazil has the seventh largest economy by nominal GDP in the world, and seventh largest by purchasing power parity. The Brazilian economy is characterized by moderately free markets and an inward-oriented economy.
Brazil has a market economy, where prices of products are based on demand.
Brazil’s economy is the largest of the Latin American nations and the second largest in the western hemisphere. Brazil is one of the fastest-growing major economies in the world with an average annual GDP growth rate of over 5 percent. In future decades, Brazil is expected to become one of the five largest economies in the world.
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 BRIC 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 2012 Forbes ranked Brazil as having the 5th largest number of billionaires in the world, a number much larger than what is found in other Latin American countries, and even ahead of United Kingdom and Japan. Brazil is a member of diverse economic organizations, such as Mercosur, Unasul, G8+5, G20, WTO, and the Cairns Group.

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