Brazil ‘could be bigger than G7 by 2035′
Brazilian property investors may be interested to learn that an expert has suggested Brazil, Russia, India and China (Bric) could be collectively bigger than the G7 countries by 2035.
Jim O’Neill, writing for the Financial Times, says the Bric dream has not been upset by the global financial crisis and that it is "plausible" that these countries could overtake the UK, France, Germany, Italy, Japan, the US and Canada.
Mr O’Neill, who is head of global research for Goldman Sachs, believes that by the end of the decade the Brics could come close to representing 20 per cent of worldwide gross domestic product.
He adds that these countries are likely to be the only source of domestic demand growth on a world scale this year.
Recently, Martin Hutchinson wrote in a blog for BreakingViews that he expects Brazil to "flourish" in 2009 as it has large saving, "domestic momentum" and "relatively clean banking systems".
