With an annual economic output of over $3 trillion in purchasing power parity, Brazil is a giant among the emerging markets. Dwarfing the rest of Latin America, it ranks alongside Indonesia and Russia, behind only China and India. In the spring of 2020, Brazil faced a financial storm. In a matter of months, it saw the value of its currency plunge by 25 percent, delivering a huge hit to anyone buying imported goods or servicing debts denominated in dollars.
