Cityscape of São Paulo

    Economic situation Great potential, structural weaknesses

    In 2014, after a long period of stable growth, Brazil slid into an economic crisis. In 2015 and 2016, gross domestic product (GDP) fell by more than three per cent. The country experienced a strong rise in public debt and a massive increase in unemployment. After a slight upturn, the economy slumped due to the COVID-19 pandemic. Since 2021, the economy has been recovering.

    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: 28/06/2024