Emerging Economies After the Global Financial Crisis: the Case of Brazil

Carrasco, Enrique R., Williams, Sean | January 1, 2012

Emerging economies have rebounded relatively quickly from the 2008 global financial crisis, and despite various challenges they face resulting from the European sovereign debt crisis, they face bright economic futures. While many observers have focused on China and India, Brazil is an emerging economy that has enjoyed increasing visibility. This Article examines Brazil’s evolution into an emerging economy, or given the market-based nature of the term, an emerging market economy (EME). The economic, social, political, and legal reforms that have contributed to Brazil’s status as an EME have bolstered the power and legitimacy of its voice in international affairs, giving the country an important role in articulating a new global order as envisioned by former president Lula da Silva. However, its voice will resonate only to the extent it continues to address a number of challenges ranging from economic policy to corruption.