Brazilian Finance Ministry published a report on regulating digital platforms to boost economic growth

On 10 October 2024, Brazil's Ministry of Finance, through its Secretariat of Economic Reforms (SRE), released a comprehensive report entitled ‘Digital Platforms’, which addresses the economic and competitive challenges presented by digital platforms in the country. This study is part of an ongoing effort to modernise the Brazilian Competition Defense System (SBDC) and adapt it to the dynamics of digital markets.

The report highlights how digital platforms have significantly transformed the global economy and highlights sectors such as fintechs and marketplaces, which are leading the growth of the Brazilian digital market. According to the study, the Information and Communication Technology (ICT) sector accounted for 6.5% of GDP in 2023, with significant potential to increase productivity and attract investment if an appropriate regulatory environment is fostered.

Fernando Haddad, Minister of Finance, emphasised that digital platforms have a great impact on economic competitiveness, and that it is crucial to establish public policies that foster innovation, competitiveness and technological adoption. Among the report's recommendations are the modernisation of the Antitrust Law and the creation of new regulatory tools that will allow for greater transparency and efficient management of digital ecosystems.

With the support of international institutions such as the World Bank and the Inter-American Development Bank (IDB), the Ministry of Finance seeks to implement reforms that promote an environment of free competition, ensuring that both Brazilian businesses and consumers can fully benefit from digital technologies.

The report also highlights that Brazil leads Latin America in the adoption of digital platforms, although it still lags behind the world's major powers. The country has the highest number of unicorns in the region, which is evidence of its dynamism in the technology sector, but much remains to be done to consolidate its position on the global stage.

For more information, the full report is available on the website of the Ministry of Finance: http://gov.br/fazenda/sre.