The hosts were thrashed 7-1 in Belo Horizonte on Tuesday night - their heaviest ever defeat in the tournament.
Despite admitting his shame following the match, 65-year-old Scolari insists that "life goes on".
"I think it was the worst day of my life, but life goes on," the veteran coach is quoted as saying by FIFA.com.
"I will be remembered as the coach to lose 7-1 but I knew that risk when I took the job and life goes on so that is what I am going to do."
Brazil return to action on Saturday when they will face either Argentina or the Netherlands in the third-placed playoff.