Consumerism 'drives investment in Brazil'
Date added: 14th June, 2010 at 10:23
(view all articles from June, 2010)
Categories: Economy
A rise in consumerism is seeing an increase in investment in Brazil, according to the Financial Times.
Interviewing Carlos Jereissati, chief executive of Iguatemi Empresa de Shopping Centers - a firm that runs 12 malls in the country, it claimed that the company had recently opened a new shopping centre in Brasilia and is in the process of constructing an additional five.
"The luxury goods market is expanding in Brazil," Mr Jereissati told the newspaper, "There is an expectation of rising incomes and more jobs and a new class of executives and an upper middle class with higher salaries who want these products."
Iguatemi Empresa de Shopping Centers has invested R$790 million (£299.54 million) in the ventures.
Brazil's economic health, the news provider reported, was relatively unaffected by the global financial crisis and has made a rapid recovery, growing by nine per cent year-on-year in the first quarter of 2010 - a key factor in the growth of consumer spending.
Meanwhile, the Wall Street Journal recently noted that a report entitled the Brazilian Economy in Perspective from the nation's finance ministry revealed that the government had increased its projection for the country's economic expansion from 5.5 per cent to 6.5 per cent.
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