Decide whether Brazil has had economic success What am I learning?

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Decide whether Brazil has had economic success What am I learning?

How Lula has changed Brazil You are going to read an article about the changes Brazil has seen under Lula. As you read it, make notes in the following table. Positive Examples Negative Examples

Positive Examples Negative Examples Fewer shacks lining the road Building work evident- growth in the middle classes Rising incomes- more than 29 million Brazilians have become middle class Improving education system Brazilians staying in school longer Consumer culture means growth in business- new poodle parlours, hairdressers Disposable income Still poor quality in teaching Not everyone entirely convinced

About the extent of Brazil’s economic success What am I learning?

The Debt Crisis in Brazil In December 2005, the Minister of Finance in Brazil announced that Brazil would pay back the money it owed early. This saved on paying so much interest. At this time Brazil owed $15.5 Billion.

Why pay off debt early? Brazil will save $900million in interest payments. As a result of savings, social spending in Brazil went from 7 to 22 billion reais.

Brazil ’ s Successes Brazil has taken over the UK ’ s economy- 6 th biggest in the world. ‘ brazil ’ s economy marching to the samba beat ’ Big population- 195 million means that there is a bigger market to sell to. Therefore protecting the economy. Estimated 20 million have been lifted out of poverty in the last decade due to job creation because of the expanding economy. Large rise in the minimum wage- meaning more people have money to spend. Exports in 2010 totalled $201.9bn/ Imports in 2010 of $181.6bn. This means that there has been a balance of trade.

Brazil ’ s Economic Failures Rise in inflation- this means that the cost of products has risen. Wages have not risen in line with this. Taxes continued to be varied. 17% VAT for a tomato to 50% VAT on an IPOD. Unemployment still continues to be quite high.

To what extent has the Brazilian economy improved in recent years? (8)