According to the finance minster of Brazil, the nation will jump to the 5th most powerful economy in the world.
His announcement comes through Estado newspaper “Brasil vai ser 5ª economia do mundo antes de 2015, diz Mantega“
With a smile on his face, Guido Mantega, the Finance Minister announced on Tuesday, 27, February that in less than four years Brazil economy will be the fifth largest economy in terms of Gross Domestic Product (GDP), surpassing France.
“The IMF predicts that Brazil will be the fifth largest economy in 2015, but I believe it will happen before”
He refers that the growth rate in Brazil is double that of European countries. Reiterated that from 2003 to 2010, the growth of the country was around 4% and that in 2012, this level will be resumed. however, the GDP should advance from 4% to 5%.
“Therefore, it is inevitable that we pass France and in the future, maybe Germany, if it does not perform better,”
Brazil have passed United Kingdom in the end of 2011, where most of the Brazilians newspapers celebrated this “victory” over the English; despite the fact that their country still within Income level Upper middle income and behind 74 countries in the GDP per capita while UK is the 22th.
Though that Brazil is going on the right path since it has a high level of employment generation rate and its inflation under control, while “the important thing is that we are growing faster in 2012 than in 2011,” he said.
Last weeks, the central bank of Brazil had controlled the appreciation of Brazilian Real against the Dollar and lower the pressures on inflation. According to Carlos Hamilton Vasconcelos, Director of Economic Policy of the Central Bank
“if necessary, will be an increase in interest rate. I do not know when,”
Mentega, is leading the giant economy into better “per capita income” to improve the standard of living. According to World Bank and IMF, Brazil’s GDP “purchasing power parity Per capita” advanced one step from the 75th in 2010, into 74th in 2011 (estimated), A huge challenge is facing the country but seems that the Brazilian nation is awake.