Investment in Brazil 'driving rise of middle classes'
Date added: 17th June, 2011 at 10:31
(view all articles from June, 2011)
Categories: Economy
Foreign investment in Brazil is one of the factors leading to an increase in middle class people in the country, one expert has said.
Economist Homi Kharas told Gulf News that money coming into the nation from overseas is providing salaried jobs.
Many investment professionals have spoken of the importance of the growing wealth of Brazil's population, with more individuals now able to spend their disposable income on consumer goods.
For this reason, it seems that foreign cash coming into the nation is helping to create opportunities for future speculation.
Mr Kharas, who works at the Brookings Institution in Washington, explained that the rise in Brazil's minimum wage has also helped make people more socially mobile.
The news provider noted that commercial real estate in the country appears to be in demand.
Indeed, 84 per cent of the business property in Rio de Janeiro's newest mall Shopping Jardim Guadalupe, which will open in November, has already been sold.
The new shops are responding to demand, with retail sales jumping by ten per cent in volume in the year leading to April 2011 and nominal revenue increasing by 15.4 per cent in the same period.
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