Brazil is the seventh largest economy in the world with a GDP of $2.233 trillion in 2012. Economic growth declined sharply in 2012 due to low domestic and exports demand. In an effort to revive the economic growth, the government initiated policies in 2012 to reduce energy costs, restructure oil royalty payments, and strengthen investment in infrastructure through foreign participation. Phase two of the Growth Acceleration Program (PAC 2), with investments worth $526 billion for the period 2011–2014, focuses on logistics, energy, and social development. The country will host the World Cup in 2014 and the Olympic Games in 2016, which are expected to increase investments and support economic growth during the forecast period.