There is no completely closed economy. But Brazil is an example.
Explanation:
- Countries or Economies that have no economic or trading activities with other countries or economies are termed as Closed Economies.
- A closed economy would be importing and exporting nothing into their country. They would be self-sufficient and everything will be provided for their needs from within the country.
- No country in the world is completely closed to any other economy.
- Presently, Brazil imports the least from other countries as compared to their GDP and so it can be considered as a closed economy.
