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Economic Elements in South America

In: Business and Management

Submitted By mjan1992
Words 1083
Pages 5
PART III ECONOMIC ELEMENTS As a business professional, being aware of the environment in which you work is essential. Probably the biggest and most important element that will be focused on will be the economy because this is the driving force behind any business practice or any business decision. Entering a new economy without a solid background of information will typically end unsuccessfully. Brazil and Venezuela are two countries that are a great example because they are geographically close but they are very distant economically. Over the course of the last fifty years, Brazil has had three main objectives for their economy and those goals were to keep inflation under control, to maintain a high rate of economic growth, and to redistribute wealth to the poorest people of Brazil.
Venezuela’s economy has undergone some drastic changes as well over the last fifty years with the biggest difference being the shift in their main export. Venezuela used to always be an economy based around coffee and cocoa as their biggest contributor to national GDP, and now the biggest export of Venezuela is oil. Oil was the main source of GDP growth in Venezuela when the economy started to stagnate. Not all of Venezuela’s economic change came from oil however; the country still is undergoing heavy change as a result of politics and the current president Hugo Chavez.
Brazil’s large economy is one that overshadows many of the smaller South American economies, with a population of 194 million people and a GDP per capita of $11,239. Not only is this economy growing, the population is as well at a rate of .86%. Brazil has always been characterized with high-income inequality, but it has been decreasing over the past twelve years with a Gini index rating in 2012 of 51.9 and ranking just 16th among the world’s most unequally distributed income. Brazil’s large economy could be

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