Brazilian economy has ‘best moment in 25 years’
The Brazilian economy is currently stronger than it has been for 25 years, according to one industry expert.
Paulo Levy, economist at a Rio de Janeiro-based think tank known by its Portuguese initials IPEA, made the comments when speaking to the LA Times, citing the Latin American country’s four years of strong growth.
His comments follow a series of good economic indicators for Brazil, including state-owned firm Petrobras’ recent offshore discovery of oil, which could account for over 40 per cent of Brazil’s total oil reserve.
Furthermore, Brazilian aircraft manufacturer Embraer has scooped a number of high-profile orders in 2007, and is currently completing the final touches to 12 planes which are being prepared for delivery to airlines in Canada, Ecuador and Australia.
In light of such positive economic growth the Global Property Survey from the Royal Institution of Chartered Surveyors (Rics), published earlier this year, found that despite the global credit crunch there are still fruitful opportunities for investors in the emerging property markets.
Oliver Gilmartin, senior economist for Rics, said: "We do not expect investors to flee emerging locations in response to current economic distress as economic foundations have been much repaired over the last decade."
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