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Brazil is one of the most prominent emerging economies in the world, indeed Brazil forms part of the BRIC group of emerging economies alongside Russia, India and China. Brazil does differ from some of its emerging economy counterparts in many ways, unlike China (but similar to Russia and India) Brazil has a democratic form of government and the centre-left Worker’s Party (Partidos dos Trabalhadores (PT)) has governed Brazil since 2003. Unlike other emerging economies, the Brazilian economy is dominated by the services industry which contributes 67 per-cent of Brazilian GDP and employs 70 per-cent of Brazil’s 100.77 million strong labour force. The other key sectors of the Brazilian economy are the industrial sector, contributing 27.5per-cent of GDP and employing 19per-cent of Brazilian labour and agriculture which represents 5.5per-cent of GDP and employing 10per-cent of the Brazilian employed.
Firstly, Brazil has experienced strong period of economic growth in the past decade, exemplified by the average growth rate of 4.4 per-cent in the five years leading up to 2010 which is m…
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