Updated in Dec 4 2023
Brazil is the world's fifth-largest country and the seventh most populous, holding a distinguished position as the largest economy in Latin America and the Southern Hemisphere. As one of the world's biggest agricultural producers, Brazil plays a significant role as an agri-environmental strength, preserving more than 60% of its territory while reaching record production. Solid institutions, a democratic regime, and monetary stability support Brazil's economic landscape, making it a reference of stability and growth in the region.
Regarding foreign investment, Brazil is the fifth-largest global destination for Foreign Direct Investment, experiencing a remarkable surge with a two-thirds increase to US$ 86 billion in 2022 —a historic high. According to the World Investment Report published by the United Nations Conference on Trade and Development (UNCTAD), while the world experienced a drop of 12% in FDI, Brazil saw an increase in investments related to renewable energy and agriculture, strengthening its leadership in these sectors.
All that allowed Brazil’s investment ratings to improve in 2023. Credit rating agency S&P Global Ratings altered the credit rating outlook for Brazil from stable to positive in June. This positive classification for the country had not occurred since 2019 and reflects a greater certainty about the stability of fiscal and monetary policies.
Brazil’s economic landscape is enhanced by its unparalleled biodiversity, with 15% to 20% of all global biological diversity thriving within its borders. The country's commitment to sustainability and clean energy is another aspect that sets it apart on the global stage. In 2022, the share of renewable sources in the country's energy matrix reached an impressive 47.4%, far above the global average of 14.1%. This leadership in renewable energy, spanning hydroelectric, solar, wind, and plant-based sources, positions Brazil as a leader in the environmental agenda.
Also, according to the Global Innovation Index 2023, for the first time Brazil can claim the title of the most innovative economy in Latin America. Ranking 49th among 132 countries, Brazil consistently outperforms in innovation, attracting substantial venture capital investments: approximately 40% of the US$ 7.8 billion invested in Latin America in 2022. This investment influx reinforces Brazil's trajectory as a regional leader in innovation and entrepreneurship, signaling a promising path for future growth.
As a dynamic country, Brazil is a compelling destination for those seeking opportunities and partnerships mixing prosperity and environmental responsibility. Uncover the details of this unique country below.
Brazil is a federation consisting of 26 states, one federal district, and 5,570 municipalities.
The states' profiles are under construction and are being released one by one.
In 2022, Brazil ranked as the 9th largest economy in the world, with a robust GDP of R$ 9.9 trillion reported by the Brazilian Institute of Geography and Statistics (IBGE). Brazil's economy experienced a strong rebound in 2021-2022 after the impact of COVID-19. According to the World Bank, “growth remains solid in 2023, expected to reach 2.6 percent, driven by agriculture, and boosted by households and government consumption”.
The service sector was the main driver of Brazilian economic growth in 2022, reflecting the broader recovery of the Brazilian economy following the COVID-19 pandemic. The retail sector, particularly retail trade, expanded by 3.9%. Transportation saw a notable uptick, with air transport witnessing a substantial increase of 16.4%. The food and lodging sector, specifically dining away from home, recorded a noteworthy growth of 11.6%. Information and communication services, particularly in the telecommunications sector, experienced a robust growth of 10.9%. These positive developments were driven by the resumption of daily activities.
The industrial sector also showed a growth in 2022, with the manufacturing industry leading the way with a 1.6% increase, driven by the growth of the domestic demand for food products, motor vehicles, machinery, and equipment. Manufactured exports grew by 14.3%, led by an expansion in the demand from Latin America and Asia, and investments in research and development (R&D) saw a 10.5% rise. Other key drivers for these positive outcomes were the reduction in interest rates and the depreciation of the Real.
The agricultural sector, on the other hand, experienced its highest growth in crop production, with a 2.4% increase in 2022 driven by a record soybean harvest. The productivity increased by 2.1%, propelled by new technologies and production techniques. Brazilian livestock grew by 0.9%, fueled by a 1.3% increase in beef production, a 2.1% increase in chicken production, and a 2.2% increase in milk production. The rise in domestic and international demand also strongly influenced the sector's results.
The inflation rate is recently within the target range, which has enabled the Brazilian Central Bank to lower the policy interest rate to 12.75 percent in September (from a high of 13.75), with further decreases expected. Lower interest rates represent reduced cost of borrowing, which may encourage businesses to expand operations and consumers to increase spending, potentially leading to improved corporate profits and investment returns.
In the last five decades, Brazil has transitioned from being a food importer to one of the most important global producers and exporters. The recent trajectory of Brazilian agriculture is the result of a combination of factors: a country with abundant natural resources, extensive arable land, and availability of water, heat, and light—fundamental elements for life. However, the key factors in the last 50 years have been investments in agricultural research, the effectiveness of public policies, and the competence of farmers.
Brazilian agricultural production grew by 385% in the last five decades, while the land area dedicated to agriculture increased by only 32%, and Brazil cultivates less than 10% of its territory. According to the Ministry of Agriculture, Livestock, and Food Supply (MAPA), Brazilian agricultural production grew by 2.4% in 2022, while the planted area increased by only 0.9%. The overall development in Brazilian agriculture has been predominantly based on productivity gains, reflecting the increasing incorporation of technologies into the production system, making it an example of sustainable growth.
In 2022, the agricultural sector played a significant role in Brazilian exports, contributing to 22.4% of the total, as reported by the Ministry of Development, Industry, Trade, and Services (MDIC). This marked a substantial 36.1% increase in value compared to the previous year. The exported agricultural commodities included soybeans, corn, sugar, cotton, coffee, meats, and eggs. Additionally, the forestry sector contributed to exports with products such as cellulose, paper, and wood. Furthermore, fishery products like fish, seafood, and fish oil were part of the export portfolio, showcasing the diverse range of agricultural, forestry, and fishery commodities that fueled Brazil's export growth in 2022.
Brazil has a wide range of public policies to promote environmental conservation and foster sustainable agricultural production. A few policies that can be mentioned are:
· Adaptation and Low Carbon Emission Plan in Agriculture - ABC+
The ABC+ plan is the second stage of the ABC Plan, which was implemented between 2010 and 2020. The Plan aims at emission reduction targets equivalent to 1.1 billion tons in the agricultural sector by 2030. The second stage increased the goals for greenhouse gas mitigation, as well as promoting environmental regularization and compliance with the Forest Code, encouraging territorial planning, and biodiversity preservation on the property, in the region, and in watersheds. New technologies were included, such as bioinputs, irrigated systems, and intensive finishing of cattle, aiming to reach 5 million cattle through confinement or semi-confinement techniques, characteristic of tropical agriculture. Another technology proposed by ABC+ is the planting of forests, expanding by 4 million hectares for the recovery of environmental areas and commercial production of wood, fibers, food, bioenergy, and non-timber forest products such as latex and resins.
· Action Plan for Prevention and Control of Deforestation in the Legal Amazon (PPCDAm)
The program was the main driver behind an 83% reduction in deforestation from 2004 to 2012. Plan actions kept deforestation below 8,000 km² until 2018, according to data from the National Institute for Space Research (Inpe). The new phase of PPCDAm commits to achieving zero deforestation by 2030. The plan is structured around four thematic axes: sustainable productive activities; environmental monitoring and control; land and territorial planning; and normative and economic instruments aimed at reducing deforestation and implementing actions covered by the other axes. Goals include expanding the area of federal public forests under concession by up to 5 million hectares by 2027 and allocating 29.5 million hectares of federal public forests by 2027. The document also plans for a fivefold increase in monitoring in illegally deforested areas.
· Forest Code
In 2022, the Native Vegetation Protection Law, simply known as the Forest Code, celebrated its 10th anniversary since its promulgation. The Forest Code is the primary national public policy for conserving native vegetation on private lands through two conservation instruments: Permanent Preservation Areas (APP) and Legal Reserves. However, the Forest Code goes beyond this. It is a comprehensive umbrella policy that includes rules and instruments addressing both conservation and control of deforestation and wildfires. It outlines the restoration or compensation for deforested areas, provides incentives and economic instruments, regulates forest exploitation, promotes agroforestry systems, and establishes mechanisms for monitoring and environmental management of rural properties.
· Ministry of Agriculture and Livestock's strategic agenda
The Ministry of Agriculture and Livestock's strategic agenda incorporates the 2023/2024 Harvest Plan, designed to promote the enhancement of environmentally sustainable production systems. This initiative includes the reduction of interest rates for pasture recovery and incentives for rural producers adopting more sustainable agricultural practices. The plan is structured around three primary pillars:
The Sustainable Agricultural Production Systems Financing Program (RenovAgro) incorporates financing for identified investments with the goal of promoting Climate Change Adaptation and Low Carbon Emission in Agriculture. RenovAgro supports sustainable practices such as the restoration of degraded areas and pastures, the implementation and expansion of integrated crop-livestock-forestry systems, the adoption of conservation practices, and the management and protection of natural resources. It also supports the implementation of organic agriculture, the reconstitution of permanent preservation areas or legal reserves, the production of bioinputs and biofertilizers, systems for renewable energy generation, and other practices involving sustainable production that result in low greenhouse gas emissions. A novelty this year is that RenovAgro expands support for the recovery of degraded areas, focusing on their conversion to agricultural production, with the lowest interest rate for corporate agriculture: 7%.
Other programs, such as Inovagro, Proirriga, Moderfrota, and Moderagro, also incorporate the incentive for low-carbon agricultural production in their design.
The Program for the Construction and Expansion of Warehouses (PCA) will see an 81% increase in funding volume for the construction of warehouses with a capacity of up to six thousand tons. The amount increases from R$1.57 billion to R$2.85 billion. For larger capacity warehouses, the rise will be 61%, going from R$2.36 billion to R$3.80 billion. The objective is to strengthen the financing of investments necessary for the construction of new warehouses, aiming to enhance the installed static storage capacity.
For corporate agriculture (medium and large producers), there will be R$364.22 billion allocated for rural credit for producers classified under the National Program for the Support of Medium Rural Producers (Pronamp) and others, an amount 26.8% higher than in the previous Harvest Plan.
Besides being recognized as a major global crops and livestock producer, Brazil's economy spans across several sectors. Notably, the country hosts a competitive industrial sector, including Latin America's largest aerospace, automotive, oil and gas, mining, capital goods, medical equipment, chemical, and technology complexes, among others.
In 2022, the industrial sector's contribution to the Brazilian trade balance comprised automobiles and auto parts, aircraft and aerospace equipment, chemicals and petrochemicals, metals and metallurgy, furniture and wood, food and beverages, as well as textiles, footwear, jewelry, and pharmaceutical products. According to data from the Ministry of Economy, the manufacturing sector that experienced the most significant growth was machinery and equipment, which exported US$18.2 billion in 2022, 28.1% higher than in 2021.
Here are some highlights about:
Brazil has one of the cleanest electricity matrixes in the world. The country is the top 10 largest power consumer and producer in the world, having a competitive and well-established regulatory and legal framework in the power sector, with long term Power Purchase Agreements (over 20 years), track recorded incentives, and a balance between Stated-owned and private-sector initiatives.
Fueled by its vast size, abundant resources, supportive policies, and legal stability, Brazil claims the top position in Latin America and secures the third spot globally for the proportion of renewables in its energy matrix. Beyond its impressive rankings, Brazil has a massive power market, standing as the largest player in Latin America and holding a place among the top 10 globally in terms of power generation and demand.
Over 80% of Brazil's electricity generation capacity is derived from renewable sources, solidifying its position as the second-largest contributor globally. Looking ahead, the country aims to substantially increase its electricity generation from wind and solar photovoltaic (PV) sources, with projections estimating a rise to 150 GW by 2040. This ambitious goal would account for a remarkable 44% of Brazil's energy matrix.
From 2009 to 2018, Brazil successfully attracted approximately USD 20 billion in Foreign Direct Investment (FDI) for renewable energies, establishing itself as a key player in the global landscape. Notably, it reached the top position as the leading recipient of FDI in renewables in Latin America during this period, capturing an impressive 35.2% share. Additionally, on a global scale, Brazil secured the third spot as the recipient of FDI in renewables, accounting for an 11.6% share from 2009 to 2018.
Brazil is stated to further solidify its position as a renewable energy powerhouse, with projections indicating an expected influx of USD 150 billion in investment in renewables by the year 2050. This substantial commitment to renewable energy aligns with the nation's strategic focus on sustainability and green initiatives. It's important to note that these statistics encompass various emerging countries, including but not limited to China, India, Mexico, Argentina, and Chile, as indicated by the BNEF-Climatescope ranking.
Looking ahead over the next decade, the Brazilian Energy Sector anticipates substantial growth and transformation. According to the National Energy Plan 2031 (PDE 2031), the country's installed capacity is projected to increase from approximately 188 GW in 2021 to 216 GW by 2031. Notably, solar and wind sources are expected to gain significant expansion, with a rise from 17% to 32% in the country's electricity matrix over the next 10 years.
In summary, the key projections for 2031 include a remarkable 41% growth in Brazil's power demand. The government's strategic plans involve increasing the installed capacity of wind and solar energy to 70 MW, constituting 32% of the Brazilian electric matrix. Furthermore, Bloomberg New Energy Finance (BNEF) forecasts a noteworthy shift, with 98% of the investments in new power capacity in Brazil until 2050 directed towards zero-carbon sources. These forecasts signify a dynamic trajectory for Brazil's energy sector, emphasizing a commitment to sustainable and low-carbon energy solutions in the coming years.
Brazil is a pioneer in the production and consumption of biofuels, especially ethanol produced from sugarcane. In 2022, the global production of fuel ethanol remained unchanged at 107 billion liters. Brazil and the United States, the two major players in the market, maintained a significant presence, accounting for 81% of the world's biofuel production, as reported by the Brazilian Energy Research Company (EPE). Brazil's ethanol exports in 2022 reached 2.5 billion liters, a 28.9% increase compared to 2021.
Specifically focusing on sugarcane ethanol, Brazil produced 26.5 billion liters in 2022, which combined with the 26% growth in corn-derived biofuel, totaled 30.6 billion liters, surpassing the 2021 figures by 2.5%, according to the Ministry of Agriculture and Livestock. The corn supply in 2022 (harvest 2021/2022) reached 115.8 million tons, a 30% increase from the previous year. The volume of corn processed for ethanol production surged from 3.4 million tons in 2019 to 9.7 million tons in 2022, marking a remarkable 185% growth over the period. In 2022, this amount represented 8.5% of the national production (113.13 million tons), according to data from the National Supply Company (CONAB) and the National Petroleum Agency (ANP).
Corn-derived ethanol continues to experience significant growth, reaching 4.1 billion liters in 2022, a 26% increase from 2021. Most of the ethanol-producing facilities are concentrated in the states of Mato Grosso and Goias.
Biomass-based thermal generation plays a significant role in the national energy landscape. In 2022, the amount offered remained consistent compared to 2021. Sugarcane bagasse remained the most utilized fuel, comprising 72% of the total, while the share of other biomasses in electricity exports to the National Interconnected System (SIN) remained stable. Of the 358 sugarcane biomass plants in operation in 2022, 244 traded electricity, an increase of eight plants from the previous year.
Electricity generation from these other biomasses accounted for 1.0% of the electrical matrix in 2022, mirroring the figures from the previous year. Notably, black liquor held the largest share (66.5%), primarily driven by the growth in the pulp and paper sector over the last five years. Other significant contributors included biogas (16%) and forest residues (13.4%). Less prominent participants included elephant grass, charcoal, rice husks, blast furnace gas, and firewood.
In 2022, Brazil consumed 6.3 billion liters of biodiesel. The mandatory biodiesel blending percentage with fossil diesel was set at 12% in April 2023. Since the inception of the National Biodiesel Production and Use Program (PNPB) in 2005, over 60 billion liters of this biofuel have been produced by December 2022. Brazil continues to rank among the top three producers and consumers of biodiesel internationally. The national biodiesel sector recorded a total of 58 production plants in December 2022, maintaining concentration in the Midwest and South regions, as informed by ANP. According to Resolution No. 3, dated March 20, 2023, from the National Energy Policy Council, the biodiesel percentage is set to increase as follows: in April 2023, the minimum biodiesel blending percentage in diesel must be 12% (B12); in April 2024, this percentage should rise to 13% (B13), further increasing to 14% in April 2025 and 15% in April 2026.
According to ANP data, in December 2022, the installed capacity of biodiesel production amounted to 14 billion liters. The production represented 45.3% of the installed capacity and was distributed among the 58 authorized plants, of which 50 held the Social Biofuel Seal (SBS). This seal is an identification component granted by the Ministry of Agriculture, Livestock, and Supply to biodiesel production units that include the acquisition of raw materials from family farming. The SBS aims to promote the socio-productive inclusion of family farmers in the biodiesel production chain.
Soybean oil stood out as the most important input for all biodiesel consumed in 2022, contributing to the production of 4.2 billion liters of biodiesel. This value corresponds to 65.8%, followed directly by other fatty materials at 16.2%. Bovine tallow accounted for 7.9%, palm oil for 2.1%, and various inputs representing 8.0%. Among the latter, used frying oil, chicken fat, pork fat, and others were included.
Increasingly relevant in the national energy scenario, biogas once again saw an uptick in its share. From 2021 to 2022, the contribution of biogas to domestic energy supply increased from 376 thousand tons of oil equivalent (toe) to 438 thousand toe, having started from just 14 thousand toe in 2010. Positive prospects for the source are grounded in regulatory advancements, visibility in public policies, and commercial strategies of energy sector companies with resources for its production.
The Fuel of the Future Program, instituted by CNPE Resolution No. 7, dated April 20, 2021, aims to increase the share of sustainable and low-carbon intensity fuels, integrating various public policies such as RenovaBio, the National Biodiesel Production and Use Program, the National Vehicle Labeling Program, and Rota 2030. The use of aviation bio-kerosene and sustainable alternatives in the maritime sector will also be addressed. Measures for carbon capture in biofuel and hydrogen production, as well as second-generation ethanol, are also proposed under this program. Among the new biofuels mentioned are green diesel, which includes Hydrotreated Vegetable Oil (HVO), Sustainable Aviation Fuel (SAF), and biomass hydrogen.
Full information on these topics can be found in the Biofuels Situation Analysis - Year 2022, published in August 2023 by the Brazilian Energy Research Company (EPE).
The country has one of the largest petroleum reserves globally and is home to one of the most substantial oil discoveries in the Western Hemisphere in the last three decades, the ultra-deep-water oil of the pre-salt layer on Brazil's Southeast coast.
On a global scale, Brazil ranks as the 10th largest oil producer and the largest in Latin America.
With a population exceeding 203 million individuals in 2022, Brazil is home to a vast and diverse consumer market characterized by a growing middle class that contributes significantly to the country's economic vitality. The majority of Brazil's population resides in rapidly growing urban areas, transforming these cities into global investment hubs and offering opportunities not only for Brazil but also for the broader Latin American region.
On the global stage, Brazil stands out for its labor force, boasting the world's third-highest concentration of the active working-age population (ages 15-64) in 2022, according to the International Labor Organization. To bolster this dynamic workforce, Brazil has a range of public and private universities known for their research and innovation efforts, significantly contributing to scientific research and academic publications across various fields. Moreover, several Brazilian universities host technology parks and applied research programs, with 55 technology parks in operation as of 2020, generating over 40,000 jobs.
Renowned as the world's most biodiverse country, Brazil is home to approximately 20% of the planet's biological diversity. With over 116,000 animal species and more than 46,000 plant species, the country spans six terrestrial biomes and three large marine ecosystems. Brazil also claims the largest renewable water resources globally, contributing 12-14% of the world's fresh water, and ranks among the top five countries with the most arable land.
Brazil's diverse climatic zones foster the formation of biogeographic zones or biomes, such as the Amazon rainforest, Pantanal, Cerrado, Caatinga, Pampas grasslands, and the Atlantic Forest. Additionally, Brazil presents a marine coastline of 3.5 million km², including ecosystems like coral reefs, dunes, mangroves, lagoons, estuaries, and swamps.
The abundance of fresh water, estimated to be the world's largest reserves, positions the country as a significant global player in international politics. Brazil actively participates in global trade negotiations, environmental policies, and human rights advocacy, leveraging its wealth of natural resources and contributing to various global discussions.
In just over a decade, Brazil has witnessed an extraordinary surge in its startup ecosystem. The number of startups, VCs, Corporate Ventures, innovations hubs and unicorns have escalated since 2010, making Brazil a regional leader.
According to the Global Innovation Index 2023, for the first time Brazil can claim the title of the most innovative economy in Latin America. Among 132 countries, Brazil ranks 49, demonstrating its consistent overperformance on innovation focused on development for a third consecutive year. As a result of those advances, in 2022, venture capitalists injected a significant US$ 7.8 billion into Latin America, and Brazil received approximately 40% of that total investment, solidifying its position as the regional leader in the past decade. Over the last six years, there has been a consistent growth in VC investments, which reflects that Brazil is indeed on the right path in terms of innovation and entrepreneurship.
The Brazilian startup ecosystem is also maturing, with most startups in the validation and operation stages, and a substantial 23% in the traction phase. A significant 8% of Brazilian startups have achieved the scaleup status, marking their transition to the next level: around a decade ago, less than 2% of Brazilian startups considered expanding internationally. In 2021, this percentage jumped to 17.8%, highlighting the growing global ambition of Brazilian startups.
Brazil has climbed five ranks in the Global Innovation Index in 2022 in order to reach the current 49th position. It ranks 22nd globally for the valuation of its 16 unicorn companies, representing 1.9 percent of its GDP in 2023, thanks to leaders QuintoAndar (e-commerce), C6 Bank (fintech) and Creditas (fintech). It also improved in Intangible assets (31st), ranking 13th worldwide for its Trademarks, and in Global brand value (39th), thanks to its leading banking brands: Itaú, Bradesco and Banco do Brasil. It ranks among the top 15 globally for Government’s online service (14th) and E-participation (11th). Brazil is top of the region for Business sophistication (39th) and Knowledge and technology outputs (52nd).
Brazil has approximately 30,000 kilometers of railways, and there are various initiatives aimed at expanding the rail network to integrate different regions. According to the National Association of Railway Transporters (ANTF), railways account for 15% of the country's total cargo transportation, being the second most important modal in the country.
As reported by BNDES (Brazilian Development Bank), Brazil has 1.5 million kilometers of highways, divided among federal, state, and municipal levels. The highway system transports 65% of the total cargo in Brazil, according to EPL (Brazilian Planning and Logistics Company). It is followed by railroad transport (15%), cabotage (11%), waterways (5%), pipelines (4%), and air transport (close to 0%).
According to BNDES, there are approximately 380 port terminals in Brazil, with 210 being for private use and 170 terminals leased in organized ports (public ports). These terminals handle 95% of Brazilian exports. The movement of goods in national ports is predominantly explored by the private sector. The consolidated volume of cargo moved in Brazilian ports is heavily impacted by the export of iron ore, mainly through vertically integrated private-use terminals operated by mining companies. Another significant segment is petroleum derivatives. On the other hand, in organized ports (public) the profile of handled cargo is more diversified, including agricultural products and others not specified.
The Port of Santos, located in the state of São Paulo, is the largest port in Brazil and the largest port in Latin America. It handles approximately one-third of the country's foreign trade.
The National Port Logistics Plan (PNLP) projects consistent growth in cargo movement through Brazilian ports until 2060, with a notable increase in the share of coastal shipping, rising from the current 20% to 30% of the total by 2060.
The main regulations applied to the port sector are Law 12,815/2013 and Decree 8,033/2013, with the supervision and regulation of the sector entrusted to the National Waterway Transportation Agency (ANTAQ), an independent agency of the Federal Government.
The mentioned legislation establishes two types of ports in Brazil: organized ports and private-use terminals (TUP). Organized ports can be managed by the public sector or granted to the private sector. Even when managed by the public sector, organized ports can host port terminals operated by the private sector through the instrument called port leasing.
Brazil has 2,463 airports and aerodromes registered by the National Civil Aviation Agency (ANAC) – 1,806 private and 657 public. Brazilian airports are responsible for handling about 80% of the country's air traffic, which represented over 97 million people in 2022, with a great expansion of international flights in recent years.
With seven states, the region is dominated by the Amazon Rainforest, the largest tropical rainforest in the world. The economy is influenced by agriculture, forestry and mining, with the sustainable management of natural resources at the center of public policies.
The region presents a lengthy coastline along its nine states. Although agriculture has been a traditional economic driver, renewable energy, petrochemicals and innovation have seen a significant growth in recent years, changing the region's vocation.
Only three states and a Federal District make it the agricultural heartland of Brazil. It is also home to a diverse array of wildlife and ecosystems, including parts of the Amazon rainforest and the Pantanal, the world's largest tropical wetland area. Brasília, the country's capital, is an important hub in the region.
Marked by its dynamic urban centers, the region drives Brazil's innovation, commerce and industrialization. Comprising four states, it is home to the country's financial capital, São Paulo, which is also Latin America's economic center and one of the major global cities.
The region stands out as a well-developed portion of Brazil. It has a strong economic performance supported by a highly productive agriculture and a skilled industry, which reflects in the region's high standard of living, efficient infrastructure and economic stability.