Are you sure about that? The chart is showing a growth in GDP of 21% in 2007-2008. The growth rate in 2008 was ~5%.
More importantly, it looks like it works the other way around. If you are devaluing your currency in half, your GDP in dollars (or whatever means of comparison you use) will be cut in half, not double. This is what your chart is showing. It will be a bigger number in the domestic currency, but then it doesn't mean anything because you are just changing the scale.
Anyway, we are arguing over details. The larger point is that the economic policy mandated by the IMF is still largely in place, and whenever the Brazilian government tried to increase government spending, a short growth burst was experienced with a very long bust.
Lula gave a 1001 speeches saying that "they were breaking free from the IMF", but in the end it is just political bullshit: interest rates are still high and it is the only instrument the Central Bank is able to use to keep inflation under control. This is pretty much the IMF "formula".
Update: looks like you are correct that they use current dollars. It still seems a misleading chart. Take a look at http://goo.gl/BCNIo and you can see the numbers I was mentioning.
More importantly, it looks like it works the other way around. If you are devaluing your currency in half, your GDP in dollars (or whatever means of comparison you use) will be cut in half, not double. This is what your chart is showing. It will be a bigger number in the domestic currency, but then it doesn't mean anything because you are just changing the scale.
Anyway, we are arguing over details. The larger point is that the economic policy mandated by the IMF is still largely in place, and whenever the Brazilian government tried to increase government spending, a short growth burst was experienced with a very long bust.
Lula gave a 1001 speeches saying that "they were breaking free from the IMF", but in the end it is just political bullshit: interest rates are still high and it is the only instrument the Central Bank is able to use to keep inflation under control. This is pretty much the IMF "formula".
Update: looks like you are correct that they use current dollars. It still seems a misleading chart. Take a look at http://goo.gl/BCNIo and you can see the numbers I was mentioning.