Economic overview. Brazil is the eighth-largest economy in the world, but is recovering from a recession in 2015 and 2016 that ranks as the worst in the country's history. In 2017, Brazil`s GDP grew 1%, inflation fell to historic lows of 2.9%, and the Central Bank lowered benchmark interest rates from 13.75% in 2016 to 7%.
In 2021, Brazil's economic output modestly exceeded its pre-pandemic level. We expect the economy to grow 2.5% in 2022 and average less than 2.0% growth in 2023-2025-- below the growth rate of countries at similar development levels. We expect GDP per capita, at just below $9,000 in 2022, to rise to $9,800 by 2025.
Brazil is a federative republic divided administratively into 26 states and the Federal District. Brazil's legal system is based on civil law tradition. The Federal Constitution currently in force, enacted on 5 October 1988, has general provisions involving the economic activity in the country and addresses a few industrial sectors, including ...