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Lives of Tens of Millions of Brazilians Have Been Transformed

Lives of Tens of Millions of Brazilians Have Been Transformed

Posted by Juan Gavasa on October 04, 2014

The Center for Economic Policy and Research (CEPR) released its latest report on the macroeconomic performance of the Brazilian economy leading up to the country's presidential elections this Sunday. The report examined various social and economic indicators, as well as changes in policy that have taken place since 2003 in Brazil.

According to a CEPR press release, the firm's co-director Mark Weisbrot stated, “The lives of tens of millions of Brazilians have been transformed by the economic and social policy changes of the past decade. ”

One of the primary findings of the report was that Brazilian economy grew much faster over the last decade then it did over the previous 25 years. The report found that GDP per person grew at a rate of 2.5 percent annually from 2003-2014, more than three times faster than the 0.8 percent annual growth of the prior government (1995-2002).

In an interview with Telesur English Mark Weisbrot attributed Brazil’s economic growth over the last decade largely due to shifts in fiscal, monetary and industrial policy.

He went on to point out that the country experienced strong economic growth while simultaneously seeing a sharp decline in poverty levels, which he stated, was primarily due to increases in social spending, large increases in the minimum wage and significant gains in employment. 

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