Categorizing countries has been a recurrent phenomenon since the creation of the major international organizations after 1945, in particular regarding their economic situation. The term "emerging countries" is one of the latest additions to a long list. Beside the broad categories of developed and developing countries, the list of terms includes: industrialized and newly industrialized, least developed or least advanced countries, small and vulnerable economies or economies in transition. The expression "emerging countries" was first coined in the early 1990s as part of the widespread euphoria about the spreading of economic and financial liberalization policies in the developing world. In the words (derived from the words of the IMF) of the International Monetary Fund (IMF)," emerging markets are typically countries with low to middle per capita income that have undertaken or have gone through some sort of economic development and reform programs (improvement or amendment of something to better it) of and have begun to 'emerge' as significant players in the global economy." Some may argue that Brazil is an emerging country due to its much-praised relative price stability, which means its relative price (ratio between two prices) is at a minimum meaning that it will then have minimal effect or won't be strong enough to have a significant influence on the economy. Now that we have gained a moderate understanding regarding the big question, can we classify one of the largest countries in Latin America as emerging even though Brazil has a developing mixed economy that is the twelfth largest in the world by nominal Gross Domestic Product (GDP) and eighth largest by purchasing power parity in 2020.