The economy of Brazil is historically the largest in Latin America and the Southern Hemisphere in nominal terms. The economy is a middle income developing mixed economy.
The country is rich in natural resources. However, Brazil's economic growth decelerated in [36] and the country entered a recession in It officially exited the recession. According to the World Economic Forum , Brazil was the top country in upward evolution of competitiveness in , gaining eight positions among other countries, overcoming Russia for the first time, and partially closing the competitiveness gap with India and China among the BRICS economies.
Important steps taken since the s toward fiscal sustainability, as well as measures taken to liberalize and open the economy, have significantly boosted the country's competitiveness fundamentals, providing a better environment for private-sector development.
In , Forbes ranked Brazil as having the 7th largest number of billionaires in the world. From a colony focused on primary sector goods sugar, gold and cotton , Brazil managed to create a diversified industrial base during the 20th century.
The steel industry is a prime example of that, with Brazil being the 9th largest steel producer in , and the 5th largest steel net exporter in Petrobras , the Brazilian oil and gas company, is the most valuable company in Latin America.
