Economy (Brazil)
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     Overview:
         The economy, with large agrarian, mining, and manufacturing sectors, entered
         the 1990s with declining real growth, runaway inflation, an unserviceable
         foreign debt of $122 billion, and a lack of policy direction. In addition,
         the economy remained highly regulated, inward-looking, and protected by
         substantial trade and investment barriers. Ownership of major industrial and
         mining facilities is divided among private interests - including several
         multinationals - and the government. Most large agricultural holdings are
         private, with the government channeling financing to this sector. Conflicts
         between large landholders and landless peasants have produced intermittent
         violence. The Collor government, which assumed office in March 1990, is
         embarked on an ambitious reform program that seeks to modernize and
         reinvigorate the economy by stabilizing prices, deregulating the economy,
         and opening it to increased foreign competition. The government in December
         1991 signed a letter of intent with the IMF for a 20-month standby loan.
         Having reached an agreement on the repayment of interest arrears accumulated
         during 1989 and 1990, Brazilian officials and commercial bankers are engaged
         in talks on the reduction of medium- and long-term debt and debt service
         payments and on the elimination of remaining interest arrears. A major
         long-run strength is Brazil's vast natural resources.
     GDP:
         exchange rate conversion - $358 billion, per capita $2,300; real growth rate
         1.2% (1991)
     Inflation rate (consumer prices):
         478.5% (December 1991, annual rate)
     Unemployment rate:
         4.3% (1991)
     Budget:
         revenues $164.3 billion; expenditures $170.6 billion, including capital
         expenditures of $32.9 billion (1990)
     Exports:
         $31.6 billion (1991)
       commodities:
         iron ore, soybean bran, orange juice, footwear, coffee
       partners:
         EC 31%, US 24%, Latin America 11%, Japan 8% (1990)
     Imports:
         $21.0 billion (1991)
       commodities:
         crude oil, capital goods, chemical products, foodstuffs, coal
       partners:
         Middle East and Africa 22%, US 21%, EC 21%, Latin America 18%, Japan 6%
         (1990)
     External debt:
         $118 billion (December 1991)
     Industrial production:
         growth rate--0.5% (1991); accounts for 39% of GDP
     Electricity:
         58,500,000 kW capacity; 229,824 million kWh produced, 1,479 kWh per capita
         (1991)
     Industries:
         textiles and other consumer goods, shoes, chemicals, cement, lumber, iron
         ore, steel, motor vehicles and auto parts, metalworking, capital goods, tin
     Agriculture:
         world's largest producer and exporter of coffee and orange juice concentrate
         and second- largest exporter of soybeans; other products - rice, corn,
         sugarcane, cocoa, beef; self-sufficient in food, except for wheat