Brazil warns of the perils of a closed economy ahead of G20 talks

CNBC-01Brazil’s finance minister has said that he is ready to listen to the U.S.’s policies on trade at this weekend’s G20 meeting but speaks from experience when he says he believes a free economy is better for everyone.

“Brazil actually has experience of closing down its economy,” Henrique Meirelles told CNBC Thursday.

“The productivity rate of the Brazilian economy came down as a result, growth in the longer-term came down, and the bottom line was actually less growth, more inflation.”

Once one of the world’s fastest-growing economies, Brazil has recently been beset by economic turmoil and is currently battling a two-year recession, its worst on record.

In 2013, the country ranked as one of the world’s most closed economies, with international imports and exports accounting for 27.6 percent of GDP, well below the 85 percent expected for an economy of its size. …

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