Have you started considering global business expansion? It’s important that when looking for a new place to begin your journey towards global growth that you find a country that best fits your business’s mission and values while also promoting its success. This decision can be a difficult one to make with so many countries now offering up their own set of benefits and business opportunities. However, there is something to be said for emerging markets.
Although countries that are still developing their market may have issues with unstable economies, there is always a chance of success for businesses and investors if they can get in at the right time.Brazil is the third-largest country for manufacturing in the Americas. The dominant industries that contribute the most overall to the economy are automobile assembly, chemical production, and iron and steel production. Other top industries include agriculture, textile, cement, and petroleum production. Combined, the production and exportation of these goods make up 23.88% of the nation’s economy.
Brazil’s service sector is huge, however, and contributes to 65% of the country’s GDP. Communications, information technology, financial services, and healthcare are some of the many dominant services in Brazil.Brazil’s economy has fluctuated annually for the past decade and, like many countries around the world, it took a major hit during the Covid-19 pandemic.
High infection and mortality rates and social distancing mandates put many employees out of work, notably those in manufacturing. As a result, Brazil’s supply chain, GDP, and overall economy were greatly impacted. Pre-pandemic, President Bolsonaro initiated an economic reform agenda to make an attempt at repairing Brazil’s poor economic status. Unfortunately, this agenda was postponed due to the pandemic as well.
With a new Presidential election on the horizon, the hope is that the new president-elect will pick up where President Bolsonaro left off to create a better and more stable economy.Depending on your industry and what opportunities you’re looking to benefit from, Brazil might be the destination for you.
For more information, please download our Destination Guide: Brazil below.
