International organization participation: AfDB, AG (observer), BIS
(pending member), CCC, ECLAC, FAO, G-11, G-15, G-19, G-24, G-77, IADB,
IAEA, IBRD, ICAO, ICC, ICFTU, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO,
IMF, IMO, Inmarsat, Intelsat, Interpol, IOC, IOM (observer), ISO, ITU,
LAES, LAIA, Mercosur, MTCR, NAM (observer), OAS, OPANAL, PCA, RG, UN,
UNAVEM III, UNCTAD, UNESCO, UNHCR, UNIDO, UNPREDEP, UNTAES, UNU, UPU,
WCL, WFTU, WHO, WIPO, WMO, WToO, WTrO
Diplomatic representation in the US: chief of mission: Ambassador Paulo Tarso FLECHA de LIMA chancery: 3006 Massachusetts Avenue NW, Washington, DC 20008 telephone: [1] (202) 238-2700 FAX: [1] (202) 238-2827 consulate(s) general : Boston, Chicago, Houston, Los Angeles, Miami, New York, San Juan (Puerto Rico), and San Francisco
Diplomatic representation from the US: chief of mission : Ambassador Melvyn LEVITSKY embassy: Avenida das Nacoes, Lote 3, Brasilia, Distrito Federal mailing address: Unit 3500, APO AA 34030 telephone: [55] (61) 321-7272 FAX : [55] (61) 225-9136 consulate(s) general: Rio de Janeiro, Sao Paulo consulate(s): Recife
Flag description: green with a large yellow diamond in the center bearing a blue celestial globe with 27 white five-pointed stars (one for each state and the Federal District) arranged in the same pattern as the night sky over Brazil; the globe has a white equatorial band with the motto ORDEM E PROGRESSO (Order and Progress)
Economy
Economy - overview: Possessing large and well-developed agricultural, mining, manufacturing, and service sectors, Brazil's economy outweighs that of all other South American countries and is expanding its presence in world markets. Prior to the institution of a stabilization plan - the Plano Real (Real Plan) - in mid-1994, stratospheric inflation rates had disrupted economic activity and discouraged foreign investment. Since then, tight monetary policy has brought inflation under control - consumer prices increased by only 10% in 1996 compared to more than 1,000% in 1994. At the same time, GDP growth slowed from 5.7% in 1994 to 2.9% in 1996 due to tighter credit. The steadily appreciating currency has also encouraged imports, contributing to a growing trade deficit, and depressed export growth. Brazil's more stable economy allowed it to weather the fallout in 1995 from the Mexican peso crisis relatively well, and record levels of foreign investment have since flowed in, helping to swell official foreign exchange reserves to $60 billion in 1996; stock markets reflected this increased investor confidence, gaining 53% in dollar terms. President CARDOSO remains committed to further reducing inflation in 1997 and putting Brazil on track for expanded economic growth, but he faces several key challenges. Fiscal reforms requiring constitutional amendments are stalled in the Brazilian legislature; in their absence, the government is continuing to run deficits and has limited room to relax its interest and exchange rate policies much if it wants to keep inflation under control. High interest rates have made servicing domestic debt dramatically more burdensome for both public and private sector entities, contributing to federal and state budget problems and a surge in bankruptcies.
GDP: purchasing power parity - $1.022 trillion (1996 est.)
GDP - real growth rate: 2.9% (1996 est.)
GDP - per capita: purchasing power parity - $6,300 (1996 est.)
GDP - composition by sector: agriculture: 13% industry: 38% services: 49% (1995)