Brazil becomes world’s ‘biggest emerging market’
Those considering buying property in Brazil may be interested to know that the nation has been named the "world’s biggest emerging market", in a new report this week.
A report released yesterday by Citigroup ranked the Latin American nation in poll position of emerging economies, citing state-owned oil firm Petrobras as the driving force behind this economic surge.
Citigroup analysts, Geoffrey Dennis and Jason Press, said in the report: "The recent rise in Petrobras … has been key to the surge in Brazil’s overall weight."
At the end of 2007 Petrobras announced that it had discovered an oil field off the coast of Rio de Janeiro estimated to account for around 40 per cent of Brazil’s total oil reserve.
Then at the beginning of 2008 the firm announced the discovery of a second field, located near the first, with reportedly similar amounts of oil.
In 2002 Brazil accounted for 5.3 per cent of the MSCI Global Emerging Market index. Its weighting has now increased to 14.95 per cent, surpassing China’s performance of 14.15 per cent.
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