• Brazil poised to enter top five world economies

    Brazil poised to enter top five world economiesIt is one of the world’s fastest growing economies, and as the latest figures demonstrate, Brazil shows no signs of slowing down. While investment continued to flow into the country last year, the South American nation’s economy grew by 7.5%, its fastest pace in 24 years, putting its current GDP at $2.1 trillion.

    Brazilian Finance Minister Guido Mantega stated that further revision in World Bank and IMF figures was likely to push the country up two more spots. “If we consider prices and purchasing power, a pending homework from the World Bank and IMF, Brazil’s GDP is $3.6 trillion, which places us in fifth place ahead of France and the UK”, said Mantega.

    Growth in local agriculture and manufacturing industries played a large role in the increase, while overall investment in the nation increased by a huge 21.8%.

    The Brazilian government has acted promptly to cool inflation and growth rates, however, with the Central Bank having increased interest rates by half a per cent earlier this week. President Dilma Rousseff stated her administration would maintain “a reasonable, sustainable and standing growth rate” to ensure Brazil remained a stable choice for investors. “We’ll keep an eye on stability and another on investment”, she said.

    Sarah Kendell – www.themovechannel.com

  • Brazil Economy achieves highest growth in 25 years

    Brazil Economy achieves highest growth in 25 years - Rio de JaneiroGDP figures for 2010 show Brazil has achieved the highest economic growth in 25 years and could place the country among the world’s top five economies. According to numbers released yesterday by the Brazilian Institute of Geography and Statistics (IBGE), the GDP at the Latin American powerhouse increased 7.5% last year, or R$ 3.67tr ($2.2tr), a record high since 1986. Sectors such as agriculture and manufacturing industries played a large role in the increase, with yearly growth reaching 6.5% and 10.1% respectively. Brazilian Finance Minister Guido Mantega was quoted as saying that further revision in World Bank and the International Monetary Fund (IMF) figures could position the country as the world’s fifth largest economy, ahead of the UK and Italy.

    Economic indicators recently seen in other developed nations pale in comparison: the US economy posted a rise in GDP figures for 2010 of only 2.9%, while Germany achieved 3.6% and Japan, 3.9%. Other countries have seen barely any growth: Italy is an example, where GDP saw a 1.1% increase. Some, like Spain, have not seen growth at all and Greece posted a negative rate of -4.5%.

    Among the Bric economies, Brazil ranked third, behind India, where growth reached 8.6% and China, where GDP figures rose by 10.3%. Russia had the poorest result, with a 3.8% increase. Analysts expect that GDP growth in Brazil will reach approximately 4-5% in 2011.

    The news of the rise in Brazil’s GDP coincide with the visit of IMF’s director-general Dominique Strauss-Kahn to president Dilma Rousseff and finance minister Mantega.

  • Brazil’s president meets Prince Felipe of Spain

    Brazil's president meets Prince Felipe of SpainBrazil’s first-ever female president, Dilma Rousseff. who was voted in this weekend, has sent a message to Spain assuring the country of the importance of its investment in the Latin American nation.

    She spoke with Prince Felipe about commercial relations between the two countries in a meeting in the Brazil’s capital, Brasilia.

    During this, the first meeting with a foreign leader for Rousseff in her short history as Brazilian president, the heir to the Spanish throne handed her a letter from his father, King Juan Carlos, inviting her to visit Spain.

    They agreed that the presence of Spanish companies in Brazil was ‘positive for both countries’ and should be increased, taking advantage of the business opportunities presented by the World Cup football tournament in 2014 and Olympic games in 2016, both in Rio de Janeiro, Brazil’s largest city and former capital until Brasilia took on this status in 1960.

    They spoke about the possibilities of increasing military and defence cooperation; promoting Spanish language teaching in Brazil; Spain’s role in helping Brazil combat poverty, and job opportunities for Spanish people in Brazil.

    Prince Felipe had the chance to meet with various Spanish expatriates in Brazil before his return to Madrid.

  • Brazil’s first female President elected on 1 November 2010

    Dilma Rousseff - Brazil's first female PresidentDilma Rousseff was elected the country’s first female President on 1 November as Brazilians voted strongly in favour of continuing the economic and social policies of the popular outgoing President Lula da Silva. Ms Rousseff, who will be sworn in on 1 January, is expected to continue the policies of President Lula, with emphasis on government efficiency, expanding the role of the state in some sectors such as mining, and upgrading the country’s infrastructure. She will also oversee a huge expansion of Brazil’s oil industry, following the discovery of major offshore oil fields that should make Brazil one of the world’s top 10 oil exporters.

    The Brazil economy continues to grow from strength to strength and is now larger than both Russia and India while China has become its largest trading partner. With the International Monetary Fund predicting that Brazilian GDP will grow to US$2.2 trillion next year and Brazil playing host to the World Cup in 2014 and the Olympic Games in 2016, these are exciting times for the country.