WHY DOES BRAZIL NOT GROW? AN ANALYSIS OF THE REPRIMARIZATION AND ECONOMIC COMPLEXITY OF BRAZILIAN EXPORTS
Observing the Brazilian growth trajectory between 1962 and 2018, it is possible to perceive a linear trend of a fall in the effective growth rate and inability to reover. In the light of the Thirlwall Law of growth restricted by the balance of payments, the econometric analysis carried out in this work indicates the reprimanding of our exports, where the drastic shrinkage in the participation of products with greater elasticity, such as chemicals and machines, and the consequent increased share of less complex products, such as commodities. From the supply perspective, econometric analysis based on the economic complexity literature shows that countries with more complex patterns also have more elastic patterns in relation to world income and that the effect of an increase in economic complexity is greater in the income elasticity of exports in the world compared to income elasticity of imports, which implies that as the country becomes more complex, it is able to relax the restriction imposed by the balance of payments and accelerate economic growth.