Moderate growth, with rising fiscal risk

B3

SENSITIVE RISK

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Updated in January 2024.

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GDP USD 1920.1bn (World ranking 11, World Bank 2022)
Population 215.3 mn (World ranking 7, World Bank 2022)
Form of state Presidential republic
Head of state Luiz Inácio Lula da Silva (President)
Next elections 2026, presidential and legislative
  • Important role on an international and regional scale
  • Diversified economy
  • Growing middle class
  • Robust foreign direct investment inflows, high level of foreign exchange reserves and low external debt
  • Support for IFIs likely if needed
  • Vulnerable to global commodity prices
  • High production costs
  • High taxation and red tape ("Brazil cost")
  • Large fiscal deficits and increasing public debt
  • Political and social tensions on the back of corruption and high income inequality

Trade structure by destination/origin

(% of total, annual 2022)

Exports Rank Imports
China 26.8%
1
23.2% China
United States 11.4%
2
18.6% United States
Argentina 4.6%
3
4.7% Argentina
Netherlands 3.6%
4
4.6% Germany
Spain 2.9%
5
3.3% India

Trade structure by product

(% of total, annual 2022)

Exports Rank Imports
Petroleum, petroleum products and related materials 16.9%
1
12.4% Petroleum, petroleum products and related materials
Oil seeds and oleaginous fruits 14.1%
2
9.1% Fertilizers other than group 272
Metalliferous ores and metal scrap 10.8%
3
6.4% Organic chemicals
Meat and meat preparations 7.5%
4
5.8% Road vehicles
Iron and steel 5.2%
5
5.7% Electrical machinery, apparatus and appliances, n.e.s.
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.
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