Quote:
Originally Posted by RalphJ
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"Since 2003, the export-led economy produced very strong results. For the first time in its history, Brazil holds slightly less than 200 billion dollars in its foreign reserves far surpassing its total external debt (2). Brazil is a net creditor (3).
The Lula government made early repayments to both the IMF and to the Paris Club. In 2007, Brazil had 64 Initial Public Offerings (IPOs) raising US$ 42.8 billion with much of inflow originating from abroad. Since 2002, the São Paulo stock exchange, Bovespa, grew by 1,250 percentage points (4). Recently, Bovespa surpassed the 70,000 benchmark for the first time ever. Even CNN's news ticker mentioned this historic feat.
For the past five years the trade surplus has comfortably exceeded US$ 35 billion helping to push the current account from deficit to surplus. The risk of default on Brazil's external debt has dropped to historically low levels (5). Last year, international investors sent Brazil over US$ 35 billion in foreign investment.
The international debt agencies, of Fitch and Standard & Poor's, raised Brazil to the safest "investment grade" level securing it a new reputation as a low risk place for international investors (6). Petrobras, Vale do Rio Doce, and Embraer are just three Brazilian multinationals active in the global economy of today. "
Good find Ralphj, overall a great article and an interesting view on the Economy of Brazil - not surprising really that it hasn't filtered down to the average citizen unfortunately, however doesn't deny that there is a lot of growth in many sectors - lets hope his predictions are wrong and his hopes are right.