Steady investment in Brazil 'has helped its economy prosper'
Date added: 25th November, 2009 at 09:56
(view all articles from November, 2009)
Categories: Economy
Steady investment in Brazil has helped the country on its way to becoming one of the most dominant economies in the world.
This is the opinion expressed in an article featured in the Economist magazine, which noted that Brazil was first picked out as a growing power in 2001 by analysts at Goldman Sachs.
At the time, the author claimed, few were prepared to accept that the Latin American country deserved to sit alongside the list of powerful emerging nations, which also included Russia, India and China.
But the news provider pointed out that opening the doors for foreign investment in Brazil and privatising a number of state industries has seen the country flourish.
It said forecasts have predicted the country is likely to overtake France and Britain some time after 2014 to become the fifth-largest economy in the world.
Newly-discovered oil fields will also help Brazil's economy to "pick up steam" in coming years, the article noted.
This comes after investment in Brazil's oil fields helped Anadarko Petroleum to recently discover additional natural resources in a well off the coast of Rio de Janeiro.
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