In 2023, Brazil celebrated a landmark achievement, reducing extreme poverty to just 8.3% of its population, or 16.9 million individuals.
This achievement marks a decrease of 2.6 million people from last year, as reported by FGV’s Social Policy Center.
The IBGE confirmed that social inequality stayed at a historical low, with a Gini index of 0.518.
Furthermore, the average household income per person increased by 11.5% since 2022, reaching a high of 1,848 Brazilian reais monthly (about $355).
The FGV study indicates that this increase in average income played a crucial role in significantly reducing extreme poverty.
The FGV defines extreme poverty as individuals whose earnings are below 303 reais per month (around $58) for each family member, including all sources of income.
Income growth was strong across nearly all income levels, demonstrating the effectiveness of the Bolsa Familia welfare program in poverty alleviation.
The expansion of this program did not negatively impact the job market. Indeed, 2023 witnessed a boost in both salaries and job opportunities.
The reach of the Bolsa Familia program expanded significantly from December 2019 to December 2023.
During this period, the number of beneficiary families grew from 13.2 million to 21.1 million, marking a 60% increase.
The program’s monthly payouts also jumped from 2.1 billion reais to 14.2 billion reais (equating to an increase from $403 million to $2.731 billion).
The percentage of households that received social benefits in 2023 reached a record high of 19%.
This story highlights Brazil’s dynamic progress in combating poverty, showcasing the success of effective policies.
These policies not only advance economic stability but also enhance the livelihoods of its citizens.
More: Brazil news in English, every day from The Rio Times.
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Brazil — Live Market Board
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172,457.76
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 172,457.76 | +0.66% | +9.73% | 171,324.31 | 172,715 | 171,132 | — |
| USD/BRL | 5.67 | +0.45% | +7.09% | 5.64 | 5.67 | 5.63 | — |
| SELIC | 13.75% | — | — | — | — | — | |
| PETR4 | 45.30 | +1.34% | +39.43% | 44.70 | 45.44 | 44.62 | 23,431,200 |
| VALE3 | 63.50 | -0.70% | -3.30% | 63.95 | 64.24 | 63.12 | 11,175,700 |
| ITUB4 | 42.27 | +1.42% | +7.66% | 41.68 | 42.56 | 41.62 | 19,532,400 |
| BBDC4 | 14.52 | +1.40% | -25.46% | 14.32 | 14.54 | 14.27 | 32,353,600 |
| BBAS3 | 15.10 | -2.45% | -32.89% | 15.48 | 15.60 | 14.98 | 85,573,900 |
| B3SA3 | 14.89 | +0.88% | +2.90% | 14.76 | 14.94 | 14.53 | 34,792,900 |
| ABEV3 | 15.79 | +0.25% | +15.85% | 15.75 | 15.83 | 15.64 | 13,254,800 |
| WEGE3 | 51.31 | -0.66% | +14.48% | 51.65 | 52.05 | 50.93 | 7,741,000 |
| PRIO3 | 63.30 | +0.00% | +58.93% | 63.30 | 63.83 | 62.65 | 10,460,300 |
| SUZB3 | 54.77 | -2.27% | +14.92% | 56.04 | 55.98 | 54.66 | 3,845,300 |
| RENT3 | 30.07 | +1.66% | -28.47% | 29.58 | 30.35 | 29.58 | 7,599,300 |
| AZZA3 | 15.91 | -5.86% | -45.85% | 16.90 | 17.10 | 15.72 | 6,641,600 |
| CSNA3 | 3.72 | -12.06% | -56.79% | 4.23 | 4.14 | 3.71 | 54,060,600 |
| GGBR4 | 24.73 | -0.96% | +30.78% | 24.97 | 25.09 | 24.53 | 5,458,200 |
| ENEV3 | 26.81 | -0.70% | +38.98% | 27.00 | 27.09 | 26.64 | 5,990,500 |
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error