After difficulties throughout the 1980s, Brazil recorded a fairly strong economic performance during most of the 1990s. Industrial efficiency and financial management were improved while the Government bolstered its coffers through a programme of privatisation. An important element of government economic strategy was implemented in 1994 with the introduction of a new currency, the Real, which replaced the Cruzeiro. However, after an initial period of stability, the Real came under increasingly heavy speculative attack from financial markets, especially after the Mexican and, more recently, Asian financial crises. This has had serious consequences not only for Brazil but also its major trading partners such as Argentina.
Brazil also has important trading links with a number of Arab countries, notably Saudi Arabia.
Business suits are worn when meeting senior officials and local heads of business, for semi-formal social functions and in exclusive restaurants and clubs. Exchange of business cards is usual as is the expectation of dealing with someone of equal business status.