Abstract
Brazil’s growth performance since the early 1980s has been lackluster. After several decades of high growth of per capita Gross Domestic Product (GDP), the Brazilian economy has gone through a long period of stagnation and slow growth. For instance, between 1950 and 1979 the average annual growth rate of Brazil’s per capita GDP was 3.8 percent, while the same indicator grew at an average annual rate of 0.6 percent between 1980 and 2003.2 At the latter rate, Brazil’s per capita GDP would double in 116 years, and would only reach South Korea’s current per capita GDP in about 150 years. The situation improved slightly between 2003 and 2006, when Brazil’s per capita GDP grew at an average annual rate of 0.9 percent, but still much slower than most emerging market economies.3
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