BRIC Countries

Cristo Redentor - Rio de Janeiro

Cristo Redentore – Rio de Janeiro

The economy of Brazil is the world’s sixth largest by nominal GDP. Brazil has moderately free markets and an inward-oriented economy. Its economy is the largest in Latin American nations and the second largest in the western hemisphere.Brazil is one of the fastest-growing major economies in the world with an average annual GDP growth rate of over 5 percent. In Brazilian reals, its GDP was estimated at R$ 3.143 trillion in 2009. The Brazilian economy has been predicted to become one of the five largest economies in the world in the decades to come.

Brazil is a member of diverse economic organizations, such as Mercosur, Unasul, G8+5, G20, WTO, and the Cairns Group. Its trade partners number in the hundreds, with 60 percent of exports mostly of manufactured or semimanufactured goods.Brazil’s main trade partners in 2008 were: Mercosul and Latin America (25.9 percent of trade), EU (23.4 percent), Asia (18.9 percent), the United States (14.0 percent), and others (17.8 percent).

According to the World Economic Forum, Brazil was the top country in upward evolution of competitiveness in 2009, gaining eight positions among other countries, overcoming Russia for the first time, and partially closing the competitiveness gap with India and China among the BRIC economies. Important steps taken since the 1990s toward fiscal sustainability, as well as measures taken to liberalize and open the economy, have significantly boosted the country’s competitiveness fundamentals, providing a better environment for private-sector development

RIO DE JANEIRO, Brazil – Taking advantage of their country’s booming economy and strong currency, Brazilian tourists went on a shopping spree abroad last year, spending more than US$20 billion, notably in the United States and France.

Brazil’s central bank said the record foreign spending on jewelry, cosmetics, iPads, clothes, baby carriages and even homes, was up 22 percent over the figure for 2010.

Increased social mobility – an estimated 30 million people have moved into the middle class over the past decade – higher incomes, access to cheaper credit and low unemployment (5.2 percent in November), mean a growing number of Brazilians now travel and splurge abroad.

Their favorite destinations are Miami, New York, Buenos Aires and Paris, according to José Francisco Salles Lopes, a senior official at the tourism ministry.

In 2010, 1.1 million Brazilians traveled to the United States, 870,000 to Argentina and 384,000 to France, with other big contingents heading to Portugal, Italy and Spain.

In the United States, Brazilians were the foreign group that spent the most per capita in 2010, US$5.9 billion or nearly $5,000 per person.

“Brazilians spend all they have,” Salles said. “If they have [US]$5,000, they spend [US]$5,000.”

According to the Anholt –GfK Nation Brands Index which surveys a representative of 1000 Brazilians Italy is ranked 1st out 50 destinations that would be likely for a leisure visit .

1                              Italy 6                           Switzerland
2                              France 7                           Egypt
3                              Spain 8                           Canada
4                             Japan 9                           Germany
5                             USA 10                         Australia