Economy of Brazil compared to only US$2 billion per year last decade, remarkable growth. The agricultural sector, locally called the "agronegócio" (agro-business), has also been remarkably dynamic: for two decades this sector has kept Brazil among the most highly productive countries in areas related to the rural sector. The agricultural sector and the mining sector also supported trade surpluses which allowed for massive currency gains (rebound) and external debt paydown. Due to a downturn in Western economies, Brazil found itself in 2010 trying to halt the appreciation of the real. Data from the Asian Development Bank and the Tax Justice Network show the
Currency War of 2009–11 ever. In May, Alan Beatie for the "Financial Times" suggested that the Currency War was not over, it had merely entered a lull, with the underlying tensions still unresolved. In July 2011, Guido Mantega told the "Financial Times" that the struggle between China and the US was still ongoing, suggesting that several emerging economies including Brazil were still experiencing undesirable upwards pressure on their exchange rates. As investor confidence in the global economic outlook fell in early August, Bloomberg suggested the currency war had entered a new phase. This followed renewed talk of a possible third round of quantitative easing