Brazilian Economy Grew Over 2 Percent Q2 Property Investors Undeterred
News Posted On: 22 July 2009
Brazilian GDP "probably" grew 2.2% in the second quarter according to the Bank of America. In another report the economic policies minister Nelson Barbosa has told Rio based O Globo newspaper that Brazil's economy will grow by 4-5% this year.
Latin America's largest economy and part of the BRIC grouping of the world's fastest and most promising emerging markets, Brazil took a battering to the international downturn, and potential growth turned into forecasted contraction.
The International Monetary Fund is forecasting a 1.3% contraction in the Brazilian economy this year, but it forecasts that the Brazilian economy will bounce back more virulently than most, growing by 2.5% in 2010.
That forecast of such a return to growth next year, makes Barbosa's forecast of a 4% growth this year plausible at least, given that most countries are either to see their recessions continue next year, or barely avoid a contraction; Argentina for example is to contract 1.5% this year and grow by just 0.7% next year. Of course in tumultuous economic times like this a forecast is just a glorified educated guess.
Whether Brazil's economy grows this year or not, this year and next are expected to be a blip in exceptional long-term growth forecasted for Brazil, which is expected to be the fifth largest economy in the world in 5-10 years.
This, as well as Brazil fantastic climate, carnival reputation, low cost of living, great beaches and cheap property have all made Brazil very popular with investors, and this is unlikely to be changed by a couple of rocky economic years.
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