Brazil: History

1500

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

1822

Brazil declares itself independent from Portugal.

1888

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

1889 The existing monarchy is overthrown and a federal republic is established with a central government controlled largely by coffee interests.

1937

Getulio Vargas begins rule as dictator and places government control over the private economy with a focus on industrialization and reducing foreign influence.

1956 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.

1982 Brazil halts payments on its main foreign debt, which at the time is among the largest in the world.

1986 The Cruzado Plan is introduced, freezing prices and wages in an effort to curb inflation. However, inflation skyrockets once the freeze is lifted.

1989 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.

1998

The International Monetary Fund (IMF) provides a rescue package after Brazil’s economy is hit hard by the collapse of Asian stock markets.

2001 Brazil's government expects to spend $40 billion over seven years on roads, railways, hydroelectric projects, and housing in the Amazon basin.

2002 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.

2008

Brazil turns down an invitation to join the Organization of the Petroleum Exporting Countries (OPEC).

2008

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

2009

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

2010 Brazil approves the construction of the Belo Monte Dam, a project estimated to cost $18.5 billion.

2013

To safeguard against global financial crises and ensure smooth bilateral trade, Brazil and China sign a currency swap agreement worth up to $30 billion.

2016

Violent anti-austerity protests happen outside Brazilian Congress.

2020

President Bolsonaro refuses to support measures halting the spread of the COVID-19 virus, causing controversy throughout the country.