Brazil’s economic reform roads

In 2015–2016, Brazil endured the deepest recession in its history. GDP fell by 7.3% in 2 years. Unlike recent crises in other emerging markets, characterized by a balance of payments emergency, domestic factors were the main reason for Brazil’s economic downfall. Brazil’s “Great Recession”, however, opened the door for a series of macroeconomic reforms aimed at reshaping the world’s eighth largest economy. This article discusses recent developments in the Brazilian economy and why they led to one of the most comprehensive reform programs in the world.