<P> Brazil is the largest national economy in Latin America, the world's ninth largest economy and the eighth largest in purchasing power parity (PPP) according to the 2017 estimates . Brazil has a mixed economy with abundant natural resources . After rapid growth in preceding decades, the country entered an ongoing recession in 2014 amid a political corruption scandal and nationwide protests . </P> <P> Its GDP (PPP) per capita was $15,048 in 2016 putting Brazil in the 77th position according to IMF data . Active in agricultural, mining, manufacturing and service sectors Brazil has a labor force of over a 107 million (ranking 6th worldwide) and unemployment of 6.2% (ranking 64th worldwide). The country has been expanding its presence in international financial and commodities markets, and is one of a group of four emerging economies called the BRIC countries . Brazil has been the world's largest producer of coffee for the last 150 years . </P> <P> Brazil has become the fourth largest car market in the world . Major export products include aircraft, electrical equipment, automobiles, ethanol, textiles, footwear, iron ore, steel, coffee, orange juice, soybeans and corned beef . In total, Brazil ranks 23rd worldwide in value of exports . </P> <P> Brazil pegged its currency, the real, to the U.S. dollar in 1994 . However, after the East Asian financial crisis, the Russian default in 1998 and the series of adverse financial events that followed it, the Central Bank of Brazil temporarily changed its monetary policy to a managed - float scheme while undergoing a currency crisis, until definitively changing the exchange regime to free - float in January 1999 . </P>

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