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Home > Economics FAQs Blogs > What is the impact of a minimum wage on unemployment?

What is the impact of a minimum wage on unemployment?

Relevant Topics

This question pertains to topics in Macroeconomics, such as Economic Development

Definitions:

Emerging Economy: This term describes an economy that is progressing toward becoming advanced, as shown by some liquidity in local debt and equity markets and the existence of some form of market exchange and regulatory bodies.

Developing Economy:
A country with a less developed industrial base and a low Human Development Index relative to other countries.

Detailed Explanation:

Whether a country is considered a 'developing' or 'emerging' economy is not simply black and white; different organizations use different criteria, which can sometimes lead to varying classifications.

Brazil is often described as an emerging economy. This is because, over the last few decades, the country has shown significant economic progress and industrialisation, and is recognised as one of the BRICS countries (Brazil, Russia, India, China, and South Africa) that are seen as developing or newly industrialised countries.

However, Brazil still faces many challenges, including social inequality, environmental issues, and political instability, which can also put it under the category of a developing economy. It's important to note that these terms are not mutually exclusive - a country can be both 'emerging' and 'developing' at the same time.

Recent: 

Brazil as an Emerging Economy: The Financial Times Stock Exchange (FTSE) Group classifies Brazil as a 'Secondary Emerging' market due to its advanced and liquid equity market.

Brazil as a Developing Economy:
The United Nations still lists Brazil as a 'developing country', considering factors such as income per capita, human resource weaknesses, and economic vulnerabilities.

Summary:

While classifications can vary, Brazil is generally regarded as an emerging economy due to its significant economic growth and industrialisation. However, it also fits the definition of a developing economy because it still faces various challenges, including social inequality and environmental issues. As such, Brazil can be considered as both 'emerging' and 'developing', illustrating that these classifications are not mutually exclusive.

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