BRAZIL Portfolio.pdf

8/14/2019 BRAZIL Portfolio.pdf

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!"#$%&()*#")+ ,+)%-.$Characterized by large and wel l-developed agricultural , mining, manufacturing, and service

sectors, Brazi l 's economy outweighs that of al l other South American countries, and Brazi l is

expanding its presence in world markets. ( 1)

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Table of Contents

Country Summary 1

Currency 2

Exchange Rates 3

Exchange Rate Arrangement 4

Balance Of Payments 5

Rule of Law 6

Regulatory Index 7

Purchasing Power Parity 8

Interest Rate 9

Inflation Rates 10

Banking 11

Economic Indicators 12

Investor Protection 1A

Credit Indicators 2A

Sovereigns Rating 3A

Political Indexes 4A

Starting a Business Indicators 5A

Trading Across Borders Index 6A

Labor Index 7A

Tax Index 8A

Overall Country Rating 9A


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Background:

Following more than three centuries under Portuguese rule, Brazil gained its

independence in 1822, maintaining a monarchical system of government until theabolition of slavery in 1888 and the subsequent proclamation of a republic by the militaryin 1889. By far the largest and most populous country in South America, Brazilunderwent more than half a century of populist and military government until 1985, whenthe military regime peacefully ceded power to civilian rulers. Brazil continues to pursueindustrial and agricultural growth and development of its interior. Exploiting vast naturalresources and a large labor pool, it is today South America's leading economic power anda regional leader, one of the first in the area to begin an economic recovery. Highlyunequal income distribution and crime remain pressing problems. (2)Geographically:

Brazil is the largest country in all of South America, slightly smaller than the

U.S.A. It shares boundaries with every country in S.A. with the exception of Chile andEcuador. Also, Brazil, has a wide variety of natural resources including: bauxite, gold,iron ore, manganese, nickel, phosphates, platinum, tin, rare earth elements, uranium,petroleum, hydropower, and timber.People and Culture:

Brazilians, ethnically, are made up of Caucasians (53.7%), Mulattos (38.5%),Blacks (6.2%) and other (1.6%). Their predominant language is Portuguese; they are, forthe most part, bilingual whose languages include: English, Spanish, Japanese andGerman. Finally, their labor force is roughly about 104.3 million with a literacy rate of88%.Economy:

Characterized by large and well-developed agricultural, mining, manufacturing,and service sectors, Brazil's economy outweighs that of all other South Americancountries, and Brazil is expanding its presence in world markets. Since 2003, Brazil hassteadily improved its macroeconomic stability, building up foreign reserves, and reducingits debt profile by shifting its debt burden toward real denominated and domestically heldinstruments. In 2008, Brazil became a net external creditor and two ratings agenciesawarded investment grade status to its debt. After strong growth in 2007 and 2008, theonset of the global financial crisis hit Brazil in 2008. Urban unemployment is at thehistoric low of 4.7% (December 2011), and Brazil's traditionally high level of incomeequality has declined for each of the last 12 years. Brazil's high interest rates make it anattractive destination for foreign investors. Large capital inflows over the past several

years have contributed to the appreciation of the currency, hurting the competitiveness ofBrazilian manufacturing and leading the government to intervene in foreign exchangesmarkets and raise taxes on some foreign capital inflows. President Dilma ROUSSEFF hasretained the previous administration's commitment to inflation targeting by the centralbank, a floating exchange rate, and fiscal restraint. (2)

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As shown in the chart above; Brazil experienced two quarters ofrecession, as global demand for Brazil's commodity-based exports dwindledand external credit dried up. However, Brazil was one of the first emergingmarkets to begin a recovery. Consumer and investor confidence revived andGDP growth returned to positive in 2010 (3) the global recession did not hit Braziluntil late 2008.

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Brazils monetary arrangement with the U.S. is the Floating arrangement. Thishas no foreseeable or predictable path of rate and it is largely market determined. They

are still using the same monetary system as shown in Exhibit 2.4 as of 2011. The realstrengthened to as much as BRL $1.53 to the dollar, the strongest level since Brazilstarted a free-floating currency regime in 1999.


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Country Sources Year Percentile Rank

(0-100)

Governance Score

(-2.5 to +2.5)

Standard Error

BRAZIL

17 2010 55.5 +0.00 0.13

17 2009 50.2 -0.21 0.13

16 2008 43.3 -0.37 0.14

16 2007 43.1 -0.44 0.14

16 2006 42.6 -0.44 0.14

90th-100th Percentile 50th-75th Percentile 10th-25th Percentile75th-90th Percentile 25th-50th Percentile 0th-10th Percentile

6&I14.j Kaufmann D., A. Kraay, and M. Mastruzzi (2010), The Worldwide Governance Indicators: Methodology and Analytical IssuesNote:The governance indicators presented here aggregate the views on the quality of governance provided by a large number of enterprise, citizen and expert survrespondents in industrial and developing countries. These data are gathered from a number of survey institutes, think tanks, non-governmental organizations, and

international organizations. The WGI do not reflect the official views of the World Bank, its Executive Directors, or the countries they represent. The WGI are not used the World Bank Group to allocate resources.


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Country Sources Year Percentile Rank

(0-100)

Governance Score

(-2.5 to +2.5)

Standard Error

BRAZIL

10 2010 56.0 +0.19 0.17

10 2009 56.9 +0.18 0.17

10 2008 54.4 +0.07 0.17

10 2007 52.9 -0.02 0.18

10 2006 53.4 -0.04 0.17

90th-100th Percentile 50th-75th Percentile 10th-25th Percentile75th-90th Percentile 25th-50th Percentile 0th-10th Percentile

6&I14.j Kaufmann D., A. Kraay, and M. Mastruzzi (2010), The Worldwide Governance Indicators: Methodology and Analytical IssuesNote:The governance indicators presented here aggregate the views on the quality of governance provided by a large number of enterprise, citizen and expert surverespondents in industrial and developing countries. These data are gathered from a number of survey institutes, think tanks, non-governmental organizations, andinternational organizations. The WGI do not reflect the official views of the World Bank, its Executive Directors, or the countries they represent. The WGI are not used the World Bank Group to allocate resources.


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Topic Brazil

United

States

Difficulty Hiring:

Fixed-term contracts prohibited for permanent tasks? Yes NoMaximum length of a single fixed-term contract(months) 24 NoMaximum length of fixed-term contracts, includingrenewals (months) 24 NoMinimum wage for a 19-year old worker or anapprentice (US$/month) 299.6 1242.6

Ratio of minimum wage to value added per worker 0.26 0.21

Rigidity of Hours:

Standard workday in manufacturing (hours) 8 8

Minimum daily rest required by law (hours) 11 N/AMaximum overtime limit in normal circumstances(hours) 2hrs N/AMaximum overtime limit in exceptional circumstances(hours) 4hrs N/A

Premium for overtime work (% of hourly pay) 50% 50%50-hour workweek allowed for 2 months a year in caseof a seasonal increase in production? Yes Yes

Maximum working days per week 6 6Premium for night work (% of hourly pay) in case ofcontinuous operations 20% 0

Premium for work on weekly rest day (% of hourly pay)in case of continuous operations 100% 0Major restrictions on night work in case of continuousoperations? Yes NoMajor restrictions on weekly holiday in case ofcontinuous operations? No NoPaid annual leave for a worker with 9 months of tenure(in working days) 0 0Paid annual leave for a worker with 1 year of tenure (inworking days) 26 0Paid annual leave for a worker with 5 years of tenure (in

working days) 26 0Paid annual leave for a worker with 10 years of tenure(in working days) 26 0Paid annual leave for a worker with 20 years of tenure(in working days) 26 0

Difficulty of Redundancy:

Dismissal due to redundancy allowed by law? Yes Yes

Third-party notification if 1 worker is dismissed? No No


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Third-party approval if 1 worker is dismissed? No No

Third-party notification if 9 workers are dismissed? No No

Third-party approval if 9 workers are dismissed? No NoRetraining or reassignment obligation beforeredundancy? No No

Priority rules for redundancies? No NoPriority rules for reemployment? No No

Redundancy Costs:Notice period for redundancy dismissal (for a workerwith 9 months of tenure, in salary weeks) 4.3 0Notice period for redundancy dismissal (for a workerwith 1 year of tenure, in salary weeks) 4.3 0Notice period for redundancy dismissal (for a workerwith 5 years of tenure, in salary weeks) 4.3 0Notice period for redundancy dismissal (for a workerwith 10 years of tenure, in salary weeks) 4.3 0

Notice period for redundancy dismissal (for a workerwith 20 years of tenure, in salary weeks) 4.3 0Notice period for redundancy dismissal (avg. forworkers with 1, 5 and 10 years of tenure, in salaryweeks) 4.3 0Severance pay for redundancy dismissal (for a workerwith 9 months of tenure, in salary weeks) 1.2 0Severance pay for redundancy dismissal (for a workerwith 1 year of tenure, in salary weeks) 1.7 0Severance pay for redundancy dismissal (for a workerwith 5 years of tenure, in salary weeks) 8.3 0

Severance pay for redundancy dismissal (for a workerwith 10 years of tenure, in salary weeks) 16.6 0Severance pay for redundancy dismissal (for a workerwith 20 years of tenure, in salary weeks) 33.3 0


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BRAZIL Portfolio.pdf

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