Claim: Brazil has the eighth largest economy both by GDP and by nominal GDP.

Brazil -LRB- listen -RRB- , is the largest country in both South America and Latin America . As the world 's fifth-largest country by both area and population , it is the largest country to have Portuguese as an official language and the only one in the Americas . Bounded by the Atlantic Ocean on the east , Brazil has a coastline of 7491 km It borders all other South American countries except Ecuador and Chile and covers 47.3 % of the continent 's land area . Its Amazon River basin includes a vast tropical forest , home to diverse wildlife , a variety of ecological systems , and extensive natural resources spanning numerous protected habitats . This unique environmental heritage makes Brazil one of 17 megadiverse countries , and is the subject of significant global interest and debate regarding deforestation and environmental protection .   Brazil was inhabited by numerous tribal nations prior to the landing in 1500 of explorer Pedro Álvares Cabral , who claimed the area for the Portuguese Empire . Brazil remained a Portuguese colony until 1808 , when the capital of the empire was transferred from Lisbon to Rio de Janeiro . In 1815 , the colony was elevated to the rank of kingdom upon the formation of the United Kingdom of Portugal , Brazil and the Algarves . Independence was achieved in 1822 with the creation of the Empire of Brazil , a unitary state governed under a constitutional monarchy and a parliamentary system . The ratification of the first constitution in 1824 led to the formation of a bicameral legislature , now called the National Congress . The country became a presidential republic in 1889 following a military coup d'état . An authoritarian military junta came to power in 1964 and ruled until 1985 , after which civilian governance resumed . Brazil 's current constitution , formulated in 1988 , defines it as a democratic federal republic . The federation is composed of the union of the Federal District , the 26 states , and the 5,570 municipalities .   Brazil 's economy is the world 's both eighth-largest by nominal GDP and eighth-largest by GDP -LRB- PPP -RRB- . A member of the BRICS group , Brazil until 2010 had one of the world 's fastest growing major economies , with its economic reforms giving the country new international recognition and influence . Brazil 's national development bank plays an important role for the country 's economic growth . Brazil is a founding member of the United Nations , the G20 , BRICS , Unasul , Mercosul , Organization of American States , Organization of Ibero-American States , and the CPLP . Brazil is a regional power in Latin America and a middle power in international affairs , with some analysts identifying it as an emerging global power . One of the world 's major breadbaskets , Brazil has been the largest producer of coffee for the last 150 years .