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The largest economy in Latin America, Brazil has a comparatively small technology sector but one that is growing rapidly. Foreign investment in Brazilian startups has more than doubled in the past five years and several of the world’s biggest tech companies are major players in the country’s IT industry.
Talent Pool & Education
Brazil’s technology sector is relatively small but is growing rapidly. It’s fueled by some of the best IT higher-education programs in the world, producing more than 100,000 graduates a year. The city of Florianópolis has been dubbed “Brazil’s Silicon Valley” because of the number of universities, research institutes and incubators producing talent in both software and hardware.
Portuguese is the official language. English is widely spoken in business but general proficiency is low.
Brazil’s economy has rebounded to where it was in December 2019, before the pandemic hit. It grew 1.2% in the first quarter of this year, the third consecutive quarter its economy has grown. First-quarter growth was driven by services, industry and fixed business investment. While its economic recovery has slowed, underlying figures suggest strong foundations for a continued recovery, prompting upward revisions in the 5% range to full-year forecasts and a surge in Brazil's currency.
Next elections: Presidential, congressional and state elections (which are held every four years) are due in October 2022. Until then, the current government has settled into operating under a tense stability following the election of far-right President, Jair Bolsonaro in January 2019. However, the legislative branch has gained unprecedented prominence.