POLYTECHNIC UNIVERSITY OF THE PHILIPPINES
POLYTECHNIC UNIVERSITY
OF THE PHILIPPINES
1016 Anonas, Santa Mesa, Manila, Kalakhang Maynila
COMPARATIVE ANALYSIS OF ECONOMIC GROWTH IN AUSTRIA AND BRAZIL:
A Guide for Other Developing Countries
In partial fulfillment of the requirements on Theories in Political Economy
Submitted by:
Mary Rose C. Salazar
Submitted to:
Ms. Hannah Patricia S. De Castro
11 February 2022
POLYTECHNIC UNIVERSITY OF THE PHILIPPINES
TABLE OF CONTENTS
CHAPTER PAGE
1 INTRODUCTION 1
2 RELATED LITERATURE 3
Austria and Brazil as Free-Market Economy 3
Economic Determinants 4
Endogenous determinants 4
Exogenous determinants 5
3 ANALYSIS AND THEORETICAL FRAMEWORK 8
Analysis 8
Theoretical Framework 9
4 RECOMMENDATION AND CONCLUSION 10
Recommendation 10
Conclusion 10
REFERENCES 11
POLYTECHNIC UNIVERSITY OF THE PHILIPPINES
CHAPTER 1
Introduction
When comparing one period of time to another, economic growth refers to a rise in
the quantity of products and services produced in the economy. It can be expressed in either
nominal or real (inflation-adjusted) terms. Gross national product (GDP) is traditionally used
to assess economic growth in aggregate, but other measures are occasionally employed to
measure economic growth (Potter 2021).
Austria is a democratic republic made up of nine federal states, with Vienna as the
federal capital and seat of the highest federal authority. It has been a member of the
European Union since 1995. The National Assembly is the principal legislative body in which
legislation is prepared and implemented by the Federal Government or the Provincial
Governments. The National Assembly, in coordination with the Federal Council, oversees
legislative responsibilities at the federal level. The Federal Council, on the other hand,
represents the provinces' interests in Parliament. Provincial Assemblies reflect the residents'
interests in their respective provinces. Each federal province is governed by a provincial
government, which is led by a governor who is chosen by the Provincial Assembly (“The
political, administrative and legal systems”, n.d.).
In previous years, the single market of the European Union, the introduction of a
common currency, the expansion of the European Union, increasing economic
internationalization, and rapid structural change dominated and fundamentally changed the
Austrian economic policy framework and opportunities for action. Although fiscal and
structural policies are coordinated across the EU, they are still largely the responsibility of
individual countries. Together with European monetary policy, these two sectors are vital for
assuring growth, employment, and competitiveness (“Economic Policy in Austria”, n.d.).
Furthermore, the COVID-19 epidemic influenced Austria's economic progress, with its real
GDP falling by 6.6 percent last year. Real private consumption fell by 9.6% because of
increased uncertainty, government containment efforts, and voluntary social distance by the
populace. The drop in gross fixed capital creation was rather strong, at -4.9 percent. Real
exports were hit hard by the epidemic, which resulted in a 10.4% drop in real exports. The
only component of aggregate demand that contributed to the previous year's growth rate was
public consumption (“Austrian Stability Programme” 2021).
Brazil is the most populous country in South America and the region's largest
democracy. It is organized as the Federative Republic, where the separation of powers idea
is established in the Brazilian Constitution, which divides the Union's authorities into
legislative, executive, and judicial branches. The president of the Republic, who is both the
head of state and the head of government, has executive power. S/He was chosen by
universal suffrage for a four-year term and may only be re-elected once. At the national and
state levels, many agencies and courts exercise judicial power. Lastly, the National
Congress, a bicameral parliament with a house of deputies and a federal senate, has
legislative authority (Gomez-Ramirez 2021).
Brazil has the 13th biggest economy in the world and is still trying to recover from the
crisis that hit the country seven years ago when the economy shrank by over 7%. Since then,
Brazil has been unable to expand at the same rate as it did in the decade preceding the
crisis. The Brazilian economy, on the other hand, has been recovering slowly but steadily in
recent years. In 2021, the inflation rate climbed to 7.7%, above the central bank's objective of
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5.25 percent, but wages have not kept pace. Also, household spending was harmed by
relatively high inflation and stricter lending restrictions. The Brazilian government claims that
the worst is over for the economy, but it shows no signs of easing up on its commitment to
austerity and fiscal restraint. The present level of government debt is 90.6 percent, and it is
predicted to stay steady over the next two years, at 90.2 percent in 2022 and 91.7 percent in
2023. The government remains in debt, with President Bolsonaro citing the pension system
as a major cause of rising public debt.
As a result, the Senate enacted the long-debated pension reform law, whose
ramifications have yet to be realized. In 2021, the government budget balance showed a
5.9% deficit, which is predicted to expand marginally in 2022 and 2023, to 7.1 percent and
6.2 percent, respectively. In 2021, the government continued to implement a series of fiscal
measures to mitigate the impact of the COVID-19 pandemic, including increased health
spending, temporary income support for low-income households, and lower taxes and import
levies on essential medical supplies, totaling 1.4 percent of GDP. However, that rate is
predicted to fall to 0.5 percent of GDP by 2022. Overall, in the aftermath of the epidemic,
Brazil's counter-cyclical packages have been successful in stimulating economic activity,
which has been progressively rebounding (“Economic and Political Outline Brazil” 2022).
Based on the preceding summary of Austria's and Brazil's political and economic
frameworks, the researcher aims to identify the factors that contributed to their economic
progress. The related literature will retrace both nations' growth evolution to where they are
now, using endogenous and exogenous variables to readily discover their differences and
commonalities.
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CHAPTER 2
Related Literature
Austria and Brazil as Free-Market countries
With a trained workforce and a good standard of life, Austria has a well-developed
market economy. It has a strong relationship with other EU economies, particularly those of
Germany and the United States, which is its third-largest trading partner. A substantial
service industry, a strong industrial sector, and a modest but well-developed agriculture
sector make up the country's economy.
In 2017, Austria's economy grew at a faster rate. In 2017, Austrian exports, which
account for about 60% of the country's GDP, increased by 8.2%. Due to a rise in the number
of refugees and EU migrants joining the labor market, Austria's unemployment rate declined
by 0.3 percent to 5.5 percent, which is low by European standards but still the second-
highest percentage since the conclusion of World War II.
Austria's budgetary situation is in good shape when compared to other euro-zone
countries. After reaching a postwar high of 84.6 percent in 2015, the budget deficit fell to 0.7
percent of GDP in 2017, while public debt fell to 78.4 percent of GDP. In 2019, the Austrian
government has indicated that it intends to balance the fiscal budget. Several external
concerns, such as Austrian banks' exposure to Central and Eastern Europe, the refugee
crisis, and prolonged upheaval in Russia and Ukraine, subsided in 2017, although they
remain a concern for Austria's economy. Additional risks arise from exposure to the Russian
financial sector as well as a close relationship with Russia in terms of energy. In October
2017, Austria elected a new pro-business administration that ran on pledges of reducing
bureaucracy, improving public sector efficiency, reducing labor market regulations, and
encouraging investment (“Austria Economy - Overview - Economy” 2021).
Brazil's economy is export-oriented and has a moderately free market. Its nominal
GDP exceeds a trillion dollars, making it the world's tenth biggest and the third-largest in the
Americas. As a result of the significant and continuous appreciation of the Real for the first
time in this decade, the country's nominal per capita GDP reached USD9,000 in 2007. Its
industrial sector accounts for three-fifths of the economy's industrial production in South
America. The country's scientific and technical progress is said to be appealing to foreign
direct investment, which has averaged USD 20 billion per year in recent years, up from USD
2 billion per year a decade ago, indicating a significant increase. The agricultural industry,
known in Brazil as the agronegócio sector, has also been extraordinarily dynamic; over the
past two decades, it has retained Brazil's position among the most productive countries in
rural regions. Trade surpluses were also supported by the agricultural and mining sectors,
allowing for substantial currency gains and debt repayment (“Brazil Economy at a Glance”,
n.d.).
Economic Determinants
Researching what causes greater incomes is similar to investigating the factors of
economic growth since the level of income in an economy at any moment in time represents
the accumulated rise in incomes through time. Numerous possible growth factors have been
found throughout the years, but mapping trustworthy routes of development has been a key
difficulty for study. Many factors may skew economic results, and more theories for per capita
income have been proposed.
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POLYTECHNIC UNIVERSITY OF THE PHILIPPINES
According to Denison (1962), economic growth is defined as a rise in real GDP, GDP
per capita, or an increase in national output measured at constant prices. Direct variables
such as human resources, natural resources, the rise in capital utilized, and technical
breakthroughs all drive economic growth. In addition, it is influenced by indirect factors such
as institutions, the size of aggregate demand, saving and investment rates, the efficiency of
the financial system, budgetary and fiscal policies, labor and capital migration, and the
efficiency of the government. Human resources, natural resources, capital creation, and
technology are the four primary drivers of economic growth, although the priority that
academics assign to each variable has always varied. Over time, renowned economists
offered the most essential components that may be found in current theories of economic
growth (Boldeanu and Constantinescu 2015).
Endogenous determinants
Austria's economic freedom score is 73.9, making it the 25th freest economy in the
Index for 2021. Its total score has risen by 0.6 points, owing mostly to enhanced judicial
effectiveness. Austria is ranked 13th out of 45 European countries, and its total score is
higher than the regional and global norms. Its economic freedom rankings have stayed near
the bottom of the largely free category for the past 15 years, owing mostly to a high tax load
and significant government expenditure. In fact, the latter's index indicator score is one of the
lowest in the world. Austria's government would have to emphasize cutting government
spending in order to improve its rating. Due to the COVID-19 epidemic, the death rate caused
the economy to contract by 6.7 percent in 2021 (“Austria Economy: Population, GDP,
Inflation, Business, Trade, FDI, Corruption”, n.d.).
Austria's natural resources, which are available for industrial use inside the country,
are significant. Natural magnesite, a magnesium carbonate utilized widely in the chemical
industry, is produced in large quantities in Austria. While oil and natural gas resources in
northeastern Austria are being tapped, industrial and consumer demand for oil and gas
necessitates importation. Schwechat's massive oil refinery processes crude oil from Austrian
sources as well as oil piped from the port of Trieste, Italy, via the Vienna-Adriatic pipeline. A
pipeline from Ukraine provides additional natural gas. The majority of bituminous coal is
found in Oberösterreich and Steiermark, and only in limited amounts. Coal, oil, natural gas,
and hydropower units provide the country's electricity needs. Increases in local electricity
output have aided the country's balance of payments in reducing its import debt (Fellner et al.
2022).
In the 2021 Index, Brazil's economic freedom score is 53.4, ranking it as the 143rd
most free economy in the world. Because of the loss in trade freedom, its total score has
dropped by 0.3 points. If Brazil is to get back on track to greater economic freedom in the
Americas region, it must improve in areas such as judicial effectiveness and government
integrity, as well as rein in budget deficits that are driving up debt and have resulted in one of
the world's lowest fiscal health scores. It must also improve in areas such as judicial
effectiveness and government integrity. In 2021, the death rates caused by the epidemic
caused the economy to contract by 5.8 percent (“Brazil Economy: Facts, Population, GDP,
Inflation, Business, Trade, Corruption”, n.d.).
The country's ideal for agriculture is the availability of sufficient rainfall and the fertile
condition of the land. Sugar cane, corn, cassava, soybeans, oranges, coffee, cotton, tobacco,
and cocoa are among the most important agricultural crops. Brazil produces the most coffee
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in the world, 2.6 million pounds per year, and is also the world's second-largest producer of
soybeans and sugar. Moreover, it is the world's biggest producer of tin, iron ore, and
phosphate, among other natural resources. Diamonds, manganese, chromium, copper,
bauxite, and a variety of other minerals are abundant. However, it lacks large oil reserves.
The availability of extensive areas of undulating forest land with significant hydroelectric
power potential compensates for this. The Amazon basin, which covers 3.5 million hectares,
is said to have a 100,000-megawatt energy potential. Despite the fact that Brazil is only
employing a small portion of its capacity, hydroelectric turbines provide 90 percent of the
country's electricity (“Brazil”, n.d.).
Exogenous determinants
Austria is a well-developed, industrialized country with a thriving service industry that
employs a lot of people. Food and luxury goods, mechanical engineering and steel building,
chemicals, and automobile manufacture are the most important sectors. Agriculturally,
Austria is seeing a lot more organic farming, and its organic farms are the most popular in the
EU, accounting for 22% of the total market.
Austria has a wealth of resources in terms of raw materials and energy production.
Iron ore, non-ferrous metals, and significant minerals are among its natural resources. The
industrial sector has a steady expansion; however, it needs more imports such as fuels,
energy resources, and the electricity-generating sector. Austria has its own natural gas and
petroleum resources. Austria is rapidly expanding its hydroelectric power-producing capacity,
making it the European Union's leader in this industry. A large concentration of medium-sized
businesses may be found in Austria's industrial and commercial sectors. The Austrian
industry encompasses all aspects of manufacturing, from basic items to the labor-intensive
creation of highly processed products. Plant and system construction is becoming
increasingly significant wherein the electronics industry is heavily export-oriented (“Economy
— Austria”, n.d.).
On the other hand, Brazil's agricultural production has increased dramatically in
recent decades, owing to expanding worldwide demand, high prices, and technical
advancements. It has become a significant exporter of soybeans, corn, sugar, beef, coffee,
and ethanol because of the increase in productivity and expansion in harvesting areas. A
significant increase in agricultural production and exports is expected as productivity rises
and more land becomes accessible for cultivation. Simultaneously, rising per capita income
and population growth will continue to drive demand for agricultural goods in Brazil,
especially higher-value commodities (“Brazil”, n.d.).
For international investors, Austria has a stable and attractive environment with a
well-developed market economy that welcomes foreign direct investment, particularly in
technology and R&D. In recent years, the automobile, pharmaceutical, and finance industries
have been the most popular investment destinations. With its capital, Vienna, frequently rated
at the top of global quality-of-life surveys, the country benefits from a trained labor force and
a high standard of living.
Austria's economy is tightly linked to other EU economies, with more than half of its
GDP originating from exports; Germany is its main trading partner. Substantial service
industries and a modern manufacturing sector specialized in high-quality component
components, particularly for autos, make up the economy. Through its geographic location,
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the country has a high level of economic, social, and political integration with other European
Union member states as well as the CESEE. Since Austria is heavily reliant on both foreign
commerce and tourism, the virus's influence on worldwide travel, international supply chains,
and economic recovery in Austria's main export markets will ultimately determine the
country's recovery. Austria provides a variety of investment incentives to attract businesses
and jobs in high-tech, R&D, and economically depressed areas (“Austria - Investment
Climate Statement” 2021).
Austria is renowned for science and innovation. Austrian enterprises have a global
presence, and Austrian scientists engage in research at some of the world's most famous
institutions in Europe, Asia, and the United States. Austria is now a leading innovator, with
R&D spending accounting for 3% of GDP. Austria came in 12th place on the worldwide
innovation scoreboard, which was just revealed at the 2018 Consumer Electronics Show in
Las Vegas.
Austria's environmental technology business is quite diverse. Whether it's cutting-
edge recycling solutions, groundbreaking water softening technologies, ultra-lightweight car
ideas with exceptionally low CO2 emissions, or novel materials for the building sector, "Made
in Austria" innovations are highly sought after globally.
R&D has long been recognized by companies in the environmental technology
industry as a key to expanding into and serving new markets from their Austrian base.
Overall, Austria's R&D/GDP ratio of 3.14 percent is higher than the EU-28, OECD member
nations, and the United States. The framework for the future has also been set. The research
ratio is expected to rise to 3.76 percent by 2020, much higher than the EU's target of 3
percent of GDP for R&D investment in Europe 2020, the document outlining the EU's growth
plan (“Environmental Technologies in Austria | Invest in Austria”, n.d.).
According to the World Bank, Brazil is the second-largest economy in the Western
Hemisphere, behind the United States, and the ninth-largest economy in the world in nominal
terms. According to the United Nations Conference on Trade and Development, Brazil was
the sixth-largest destination for global foreign direct investment flows in 2019, with inflows of
$72 billion, a 26 percent increase since Brazil announced its privatization plan the same year.
Brazil has received more than half of South America's total FDI in recent years, and the
United States is a major foreign investor in the country. In 2018 and 2019, the Brazilian
government made soliciting private investment in its infrastructure and energy sectors a top
priority. In 2020, the COVID-19 epidemic postponed planned privatization initiatives.
The automotive industry, renewable energy, health sciences, oil and gas, and
infrastructure industries are all prioritized under Brazil's official investment promotion policy.
In most economic areas, foreign investors in Brazil are treated the same as local investors.
Nevertheless, there are limitations in the health, mass media, telecommunications,
aerospace, rural property, and marine sectors. The Brazilian Congress is debating legislation
that would loosen limitations on foreign ownership of rural land.
According to analysts, high transportation and labor expenses, poor local
manufacturing, and persistent political uncertainty are all barriers to investment in Brazil.
Foreign investors also express worries about the country's existing infrastructure, somewhat
strict labor laws, and complicated tax, local content, and regulatory requirements, which are
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all part of the additional expenses of doing business in Brazil (“Brazil - Investment Climate
Statement”, n.d.).
Brazil has a well-organized system for managing science, technology, and innovation,
with a central coordinating body and development agencies in charge of creating and
executing scientific, technology, and innovation development strategies. For development
policies that are tailored to regional and local occupations, the state and local science,
technology, and innovation management systems use the same paradigm.
Given the size of the country, the difficulties of its management structure, and most
importantly, the difficulty of implementing national policies that can simultaneously address a
variety of regional needs, the scientific and technological knowledge produced is still too slow
to make significant changes in the social inequities that exist in some of the country's
regions. Consequently, in the disciplines of science, technology, and innovation, Brazil's
challenges are complicated and difficult to tackle in the near term. In terms of science,
technology, and innovation, as well as environmental policy, the government can rely on
installed material and intellectual capability to make considerable advances. It also boasts a
strong commercial sector and a well-organized civic society (“Science, Technology, and
Innovation in Brazil” 2019).
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POLYTECHNIC UNIVERSITY OF THE PHILIPPINES
CHAPTER 3
ANALYSIS AND THEORETICAL FRAMEWORK
Analysis
In light of the information obtained thus far, the researcher will look for distinctions
and similarities between the two nations that contributed to their success. Both Austria and
Brazil are considered free-market economies, although their levels and methods of
implementation differ. To begin with, Austria and Brazil are both export-oriented countries.
Austria's biggest exports include automobiles and their components, machinery, and paper
goods to the European Union, the United States, and Switzerland. Brazil's main exports were
agricultural goods such as soybeans, crude oil, and bituminous mineral oils.
Furthermore, both countries are acknowledged for being among the countries that
receive a large number of foreign direct investors (FDI). Furthermore, they both attract
investors in a similar aspect—advancements—apart from being receivers. To promote
foreign investment, Austria creates favorable circumstances for international firms who wish
to engage in capital-intensive sectors and research and development, which are eligible for
significant tax reductions. Brazil is an appealing market for international investors because of
several factors, including a domestic market of over 210 million people, the availability of
easily exploitable raw materials, a diversified economy that is less vulnerable to international
crises, and a strategic geographic location that allows easy access to other South American
countries.
Their economic freedom, on the other hand, is vastly different. By taking into account
the weaker elements of society, Austria provides excellent conditions for its investors to be
able to describe their economic system as a free market economy with a strong social focus.
Moreover, it has a tried and true economic and social partnership structure that has always
played an important and reconciling role in wage and pricing policy. While Brazil has one of
the world's largest economies, there are some government regulations, such as taxes and
restrictions on commerce and industrial pollution, on the country's economy, which is mostly
based on a free-market system.
Austria is also a well-developed industrialized country with a thriving service industry.
Food and luxury goods, mechanical engineering and steel building, chemicals, and
automobile manufacture are the most important sectors. With coffee, sugar, soybeans,
manioc, rice, maize, cotton, edible beans, and wheat as its main agricultural crops, Brazil
concentrates on agriculture for its production.
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Theoretical Framework
A liberal theory was employed by the researcher in the study. The use of the phrase
"liberal democracy" to characterize nations with free and fair elections, the rule of law, and
protected civil liberties exemplifies liberalism as a distinguishing quality of contemporary
democracy. Liberalism encompasses a wide range of ideas and arguments regarding how
institutions, behaviors, and economic ties limit and attenuate states' violent power. It is
founded on the moral premise that the primary objective of government is to protect an
individual's rights to life, liberty, and property. Consequently, liberals emphasize individual
well-being as a crucial component of a just political system. Therefore, liberalism's primary
objective is to create institutions that defend individual liberty by restricting and checking
governmental authority (Meiser 2018).
The researcher comes to the conclusion that Austria and Brazil both represent
liberalism theory, either directly or indirectly. Individual freedom is a trait of liberalism, which
can be seen in their political frameworks, where citizens have the right to choose their leader,
while economic freedom in Austria and Brazil is high and average, respectively. Furthermore,
each country protects its inhabitants in its own unique way. Lastly, liberals think that
international institutions play an important role in fostering international cooperation through
economic, financial, and cultural methods; security is rarely a priority in state-to-state
contacts; and military forces are rarely deployed. Based on the data above, both nations
have made an attempt to match this criterion of liberal ideology..
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CHAPTER 4
RECOMMENDATION AND CONCLUSION
Recommendation
Following the collection of data that assisted both nations in achieving economic
growth, the researcher concludes that one of the things that the Philippines should be mindful
of is technological improvements. Both countries have a reputation for technical
advancements. The Philippines is not the least technologically advanced country in the world,
but it is nevertheless lagging behind. Furthermore, this technical improvement is one of the
reasons for Austria and Brazil's large amounts of FDI. Foreign direct investment is critical for
the Philippines since it may help create more jobs and opportunities while also reducing
unemployment, which is one of the country's largest problems.
Furthermore, the Philippines should learn to prioritize its natural resources. If the
Philippines prioritizes lands and farmers rather than exploits them for the advantage of the
wealthy, the majority of Filipinos' income will rise. In the case of the two nations mentioned
above, they examine which natural resources they are rich in and utilise and export them to
their advantage.
Lastly, Austria achieved a high ranking in the Human Development Index, which is
significant since it measures a country's degree of performance, which includes not just
economic growth but also social and economic components. Because Austria was so
preoccupied with social standing, this was conceivable. If the Philippines adopts the principle
of raising the HDI, the gap between the rich and poor will narrow.
Conclusion
The objective of this paper was to determine the elements that led to Austria's and
Brazil's economic growth. As a result, the researcher traces the two nations' economic
backgrounds and compares the variables that shaped them into what they are now, using
both endogenous and exogenous determinants.
By comparing and contrasting the two nations, the researcher came to the conclusion
that Austria and Brazil are similar in terms of attracting foreign direct investment and lowering
unemployment rates where they use their technological advancements. They are both
export-oriented countries, although their main export commodities differ. Their economic
freedom, on the other hand, is as diverse as their most produced items.
Endogenous variables have had no direct impact on the country's economic
development. They affected the exogenous determinants, rather than the economy itself.
Economic freedom had an impact on the country's constraints on what private and
government firms could operate. Natural resources, on the other hand, influence the
country's output, which is an external determinant. Exogenous variables, on the other hand,
directly affected Austria and Brazil's economic growth since they encompass three of the four
key drivers of economic growth.
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