Brazil in the 21 st century: A difficult path

Leonid Grigoryev and Marina F. Starodubtseva ()
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Marina F. Starodubtseva: HSE University, Moscow, Russia

Russian Journal of Economics, 2021, vol. 7, issue 3, 250-268

Abstract: Brazilian economic reforms in 21st century have great importance for the international community, especially for other countries of the middle level of development. The authors­ believe that, in spite of all the difficulties and crises, Brazil has made a decisive step forward by reforming its social structure and retaining democracy. Social reforms (especially­ minimal wage) led to strengthening middle class, but also to elevating its social aspirations. At this dramatic junction the economic development of the country was aggravated by external shocks and unsuccessful budget policies. The complex interaction of social macro­economic policies in Brazil with strong external shocks gives lessons to countries with similar characteristics. The pandemic and recession of 2020–2021 have made the path of development more complicated but there is room for optimism for Brazil in the long run.

Keywords: Brazil; economic; reforms; middle; income; level; crisis. (search for similar items in EconPapers)
JEL-codes: D31 D63 D72 E32 F63 G18 H12 O54 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:arh:jrujec:v:7:y:2021:i:3:p:250-268

DOI: 10.32609/j.ruje.7.78432

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