• The Portuguese arrive in modern day Brazil and claim the area for the Portuguese crown.

  • Brazil declares itself independent from Portugal.

  • The abolishment of slavery has a substantial impact on Brazil's national coffee industry.

  • The existing monarchy is overthrown and a federal republic is established with a central government controlled largely by coffee interests.
  • Getulio Vargas begins rule as dictator and places government control over the private economy with a focus on industrialization and reducing foreign influence.

  • Juscelino Kubitschek is elected president. During his term, he pushed for the development of Brazil's heavy industries and infrastructure, which in turn contributed to rapid inflation.
  • Brazil halts payments on its main foreign debt, which at the time is among the largest in the world.
  • The Cruzado Plan is introduced, freezing prices and wages in an effort to curb inflation. However, inflation skyrockets once the freeze is lifted.
  • The Collor Plan is introduced. The plan combines fiscal and trade liberalization with radical inflation stabilization measures. Despite these radical changes, inflation remains out of control.
  • The International Monetary Fund (IMF) provides a rescue package after Brazil’s economy is hit hard by the collapse of Asian stock markets.

  • Brazil's government expects to spend $40 billion over seven years on roads, railways, hydroelectric projects, and housing in the Amazon basin.
  • Brazil’s currency hits an all-time low and financial markets panic in anticipation of the first left-wing president and government elected in the last 40 years.
  • Brazil turns down an invitation to join the Organization of the Petroleum Exporting Countries (OPEC).

  • The European Union halts imports of Brazilian beef, citing unacceptable health regulations.

  • Brazil offers $10 billion to the IMF to help improve the availability of credit in developing countries.

  • Brazil approves the construction of the Belo Monte Dam, a project estimated to cost $18.5 billion.
  • To safeguard against global financial crises and ensure smooth bilateral trade, Brazil and China sign a currency swap agreement worth up to $30 billion.

Sources:

BBC News open_in_new
Britannica open_in_new