Why Brazil Economy is Booming?
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Loading... - James Karr
- 01 Nov 2020
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The Brazil economy is the 6th largest in the world. Did you know that? When most people think of Brazil they think of Carnival, they don't think of the economy. That's why it is surprising to hear. That puts it above countries like Canada, and Italy. Not only is it one of the largest economies in the world, it is also one of the fastest growing. To Brazil in context with the rest of the world, it is the 5th most populated country. The US is number 3, Sao Paulo, the largest city in Brazil, is the 8th largest city in the world, ahead of Shanghai and Delhi. There are a lot of things that go into making Brazilian economy one of the world's biggest economies.
Natural Resources
Large oilfields have recently been discovered off the coast of Brazil. That is bringing a lot of big oil businesses into Brazil to exploit that fact. That is creating many jobs for locals. Brazil is also one of the largest exporters of iron ore. Iron is a necessary of ingredient of steel. Steel is in high demand for construction needs as well of thousands of other uses. It is also the largest agricultural exporter, ahead of the US. To help their agriculture production to grow they have invested heavily in scientific farming methods.
Foreign Investing
The Brazil economy is really inviting towards foreign investment. Countries like China and Iran are starting to invest in Brazil because of their foreign policies. Brazil doesn't involve themselves with domestic policies of other countries, so countries see Brazil as an excellent place to invest.
Infrastructure
All those people and all those resources need to be able to get around. Brazil has a large infrastructure and the government is willing to invest in it. There are a many reasons that this helps boost the Brazil economy. One is that it gets people working. The unemployment rate in Brazil is the lowest in South America. Improving infrastructure also shows that the government is growing and happy to invest in their country.
Internal Demand
As the Brazilian economy continues to increase the people have more money. As they start to have more money than they need to have to take care of basic necessities they want to buy more things. That means that many Brazilians are buying their own homes and their first cars. This also means that the country has a growing middle class. When people have extra money to spend on luxuries that helps to stimulate the economy. When demand goes up supply must follow, which means more jobs.
Tourism
Tourists don't want to come to a country that is unstable and with a poor economy. While Brazil does still have some issues with crime, tourists don't run the risk of being kidnapped like in some other countries. Carnival has become a huge tourist draw. But ecotourism is becoming a big business and has helped grow the Brazilian economy. Brazil has plenty of places to go and see the natural wonders, from scenic beaches to tropical rain forests. Ecotourism is also helping to preserve Brazil's natural wonders.
All of these things go into making the Brazil economy one of the fastest in the world, which is rapidly pushing Brazil into 1st world territory. The potential was further boosted by the world cup, putting Brazil in the spot light. There were many issues surrounding the World Cup in Brazil, but can we say it wasn’t successful, well “NO” everybody enjoyed the World Cup, and almost every TV station in the World had its eye in Brazil. Furthermore the Olympics will be held in Rio 2016 and the eyes of the world will be tuned in to the Olympics of Rio.
