As an employee of the World Bank, I have been asked to research an economic concern in a South American country and write a report on my findings. The country I selected is Brazil. I chose to research data sets for the economic concern, Gross Domestic Product (GDP). In this report I will discuss the relationship between GDP and Brazil’s economy and trends in data sets, which are supported with statistical evidence.
The Federative Republic of Brazil, commonly known as Brazil, is the largest country in South America and the world's fifth largest country by geographical area and by population. With over 190 million people it is the largest Portuguese-speaking country in the world and the only one in the Americas. There are only two countries in South America that Brazils borders do not touch, Ecuador and Chile. “Its current Constitution defines Brazil as a Federal Republic,” (Wikipedia, 2011).
According to the International Monetary Fund and the World Bank (2011), the Brazilian economy is the world's fastest growing ranking as the eighth largest economy at market exchange rates and the seventh largest by purchasing power parity (PPP). Its current GDP (PPP) per capita is $10,200, putting Brazil in the 64th position according to World Bank data. The gross domestic product (GDP) is one of the measures of national income and input for a given country's economy. GDP is defined as the total cost of all finished goods and services produced within the country in a predetermined period of time (usually a 365-day year). It is sometimes regarded as the sum of profits added at every level of production (the intermediate stages) of all final goods and services produced within a country in a stipulated timeframe, and it is rarely given a monetary value. (Wikipedia)
As per Central Intelligence Agency: The World Factbook (2011) , “Since 2003, Brazil has steadily improved macroeconomic stability, building up foreign reserves, reducing its debt profile by shifting its debt burden toward real denominated and domestically held instruments, adhering to an inflation target, and committing to fiscal responsibility. In 2008, Brazil became a net external creditor and two ratings agencies awarded investment grade status to its debt. After record growth in 2007 and 2008, the onset of the global financial crisis hit Brazil in September 2008. Brazil's currency and its stock market - Bovespa - saw large swings as foreign investors pulled resources out of Brazil. Brazil experienced two quarters of recession, as global demand for Brazil's commodity-based exports dwindled and external credit dried up. However, Brazil was one of the first emerging markets to begin a recovery. Consumer and investor confidence revived and GDP growth returned to posi