Former President Fernando Henrique Cardoso fixed this problem by creating the Real plan: introducing a new currency to the country – putting an end in 30 years of inflation. .
Right before reaching 2000, Brazil's service sector withheld 60% of the country's gross domestic product. Its annual GDP was at a high of 650 billion dollars in 1999. According to the Embassy of Brazil in Wellington, "An important fraction of investments were directed to the massive privatization program implemented by the Brazilian government". Later adding, "which ended long lasting state monopolies and moved into private hands important sectors of the Brazilian economy such as steel, telecommunications, and electricity.".
II. Chronological Economic Growth.
It was only in 2005, according to CNN Money, that Brazil entered the Top-10 list of largest economies in the world – with $900 billion dollars in gross domestic product. Subsequently remaining on that list up until now - gradually moving up every year. .
In 2009, Brazil started to be recognized as a newly emerging economic power. "Money Morning" published an article in August of that year, with the title: "With One of the Hottest Economies on the Planet Brazil is Finally Living Up to Its Promise." It had the 8th largest economy in the world, with 1.6 trillion dollars – in front of countries like Spain and Canada. "Investment's U" attributed this success mainly to Brazil's strong monetary policy. "They have maintained high levels of real interest rates, which prevented the economy from overheating and creating an over-expansion of credit." It later added, "It leaves the country well positioned for the future." Interestingly, in November of 2009, The Economist Magazine published a major article on Brazil's economic development. (Figure 1) .
The magazine attributed a great amount of this "take off" to former President Lula's work.
