Chapter 3: Brazil
Brazil covers nearly half of South America and is the continent’s largest nation. It extends 2965 miles (4772 km) north–south, 2691 miles (4331 km) east–west, and borders every nation on the continent except Chile and Ecuador. Brazil may be divided into the Brazilian Highlands, or plateau, in the south and the Amazon River Basin in the north. Over a third of Brazil is drained by the Amazon and its more than 200 tributaries. The Amazon is navigable for ocean steamers to Iquitos, Peru, 2300 miles (3700 km) upstream. Southern Brazil is drained by the Plata system – the Paraguay, Uruguay and Paraná rivers. Characterized by large and well-developed agricultural, mining, manufacturing, and service sectors, Brazil’s economy outweighs that of all other South American countries, and Brazil is expanding its presence in world markets. Since 2003, Brazil has steadily improved its macroeconomic stability, building up foreign reserves, and reducing its debt profile by shifting its debt burden toward real denominated and domestically held instruments. 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 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.
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