The World Economic Scenario Of Brazil - 1722 Words

A lot has changed in the world economic scenario over the past 25 years. World trade has increased from $8.7 trillion in 1990 to over $46 trillion in 2014 (Global Economic Prospects 2016: 219). These numbers reflect a growth in the trade of goods and services amongst different nations, which came as a result of globalization. With that being said, an economic interdependence has been formed. Countries that have been actively participating in this phenomenon by joining trade agreements, eliminating tariffs, and facilitating commerce have highly benefited from this transformation. On the other hand, nations that have isolated themselves from these opportunities through protectionist policies, have been negatively impacted. Members involved in these trading blocs gain a competitive edge over those who opted to stay out. Brazil serves as a good example of the negative effects that adapting a protectionist policy may have on a nation s economy. The country has access to a vast amount of p rimary resources, including soy beans, oil, sugar cane, iron ore, coffee, and orange juice. Nonetheless, its exports account for a mere 11.2% of its GDP, in comparison to the world average, which in 2015, amounted for a total of 29.3% (World Bank Group, 2016). One of the main reasons for the disparity between these numbers is given by the lack of free trade in the government s foreign policies. This paper will closely examine two trade agreements in an effort to compare and contrast theShow MoreRelatedThe Bop Of Brazil1130 Words   |  5 PagesThe BOP of Brazil (exhibit 5) shows that since 2000 the country was constantly a net exporter until 2014. The profile of its exports consists mainly of raw materials such as crude oil, iron, raw sugar, soybeans, etc. The collapse of commodities prices (exhibit 9) in the middle of 2014 reduced the ability of Brazil’s economy to end 2014 with a positive current account. 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