Economically, Kingdom and Brazil
During the visit of Brazilian President Jair Bolsonaro, in October 2019, five economic agreements were signed with the Kingdom and opportunities for economic cooperation were discussed.
The volume of trade exchange between the Kingdom and Brazil reached 6.17 billion riyals in 2018 and mineral products, chemical products, plastics, and their products constitute the Kingdom's most important exports to Brazil, while meat, sugar, seeds, oilseeds, and fodder are the most important Brazilian imports to the Kingdom
Brazil is the largest country in South America and considers a ninth economy in the world. Moreover, Brazil has $ 21.8 trillion in natural resources.
As of early 2010, the Brazilian economy is the largest in Latin America and the second largest in the Americas.
That from 2000 to 2012, Brazil was one of the fastest-growing major economies in the world, with an annual GDP growth rate of over 5%.
With its economy exceeding the UK economy, making Brazil a sixth the largest economy in the world in 2012.
In 2013, the growth of the Brazilian economy slowed and the country entered into recession in 2014.
However, in 2017 the economy began to recover, with GDP growth of 1% in the first quarter.
In the second quarter, the economy grew 0.3% compared to the same period in the previous year and officially emerged from the recession.
The gross domestic product of the Brazilian economy is 6.826 trillion Brazilian riyals that equal to $ 1.868 trillion, according to the International Monetary Fund, which is ranked ninth in the world.
Brazil is the 73rd country in the world in ranking per capita GDP, with a value of US $ 967 per capita.
• A survey of the Brazilian Central Bank recently showed that economists lowered their forecasts for Brazilian economic growth for 2020 to a new low even though Congress has made a great achievement on pension reform that supposed to boost the economy
• Brazil has a few wealthy people and a large number of very poor people. The gap between the highest and the lowest social levels is high, even if it decreased during the late 1990s. Stabilization of the economy, through lower inflation levels, has given more purchasing power to the poor.
Most analysts believe that the Brazilian economy is in a state of development, but some issues must be addressed, especially social issues such as unemployment, crime, and income levels.
As well as to build and support a clear strategy for economic orientation and growth that is based on the issuance of policies and legislation that support and as required to deepen the faith in it by the authorities and Congressional Representatives