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The main factors for Brazil's growth have nothing to do with size of population alone, there are other countries with similar population that are not on same level. A combination of social policies, fiscal responsibility (or a semblance of it compared to other countries), agro business being the locomotive, a resurgence of heavy industry coupled with Gov. backing (aero/space, oil refineries, etc) and family consumption have helped the country recently. The current president, and his party, deserves credit for many of those achievements but not all. Let's remember that this is a process that started on the 90s and, yes, accelerated under the current president and his party. Not all have been roses and there is plenty of criticism but it is a change of pace that was much needed. If not been for the disastrous policies, COVID being the prime example, of the previous administration which turned the economy and politics upside down the country would be further ahead now. I would say we are back where we were, also 8th economy, We still face many issues: dysfunctional congress, high inequality which leads to violence. But in general, I'd say, we are on the right path. |
I have Brazilians in my team and have done business there (including Agrotoken [1]) which prioritized focus in that a agricultural business there. Having said so and comparing to Latam, I found Brazil state institutions such as the central bank and justice branch much more stable, and independent beyond the specific policies and political wing past governments had. Another example is the Pix payment system [1] which would be the envy of other countries. In a nutshell, Brasil could seem slow in many aspects but doing firm actions.
I am leaving aside the talk about poverty, climate change, etc which I think deserves a separate discussion and should be extended to many other countries.
[1] https://en.wikipedia.org/wiki/Pix_(payment_system)
[1] https://www.agrotoken.com/en/home