No Sign of the Credit Crunch in São Paolo
This weekend the world’s leaders got together in Washington at the G20 summit in a global attempt to solve the so-called global credit crunch. But the ground for the meeting had already been prepared at one of the world’s up and coming financial capitals – São Paolo, Brazil.
Brazil holds the G20 presidency this year and hosted the São Paolo summit attended by G20 finance ministers and central bank governors. Brazil’s president, Luiz Inacio Lula da Silva, representing the world’s emerging economies led by the so-called ‘BRIC’ nations (Brazil, Russia, India and China), called for a reform of global financial institutions. Lula firmly believes that the International Monetary Fund should be restructured to reflect the importance of developing economies.
After years of financial and economic difficulties, Brazil is finally reaping the rewards and along with its fellow BRIC members, is set to become the world’s top economy by 2050.
At a time when many countries – and the eurozone – have slipped into recession – Brazil certainly has something to say when it comes to economy. Forecast by The Economist to achieve 5.3% GDP growth in 2008, Brazil’s economy has already achieved growth rates of 5.8% and 6% in the first 2 quarters of this year. Small wonder that Lula feels the G20 group should replace the G7 as a main forum for discussing global economy and finance.
One of the most palpable signs of the healthy Brazilian economy is in São Paolo. On a global scale, the city’s economy is huge – equivalent to the whole of Argentina’s – and so is its luxury consumer market, worth US$1.7 billion a year.
Along with football and going to the beach, shopping is top of the ‘Paulistas’ favourite pastimes. Designer labels such as Burberry and Louis Vuitton are popular haunts and Gucci is opening a second outlet in the city. São Paolo inhabitants also enjoy going on holiday and their preferred destination is within their own country – the north east region.
With its growing economy and increasing presence on the world stage, Brazil and its carismatic president look set to have a lot to say. That makes Brazil one definitely worth watching when it comes to investment.
For more information on overseas property investment and to find out about Obelisk's latest projects, contact Obelisk free on 0808 160 0670 (UK) or 1800 932 514 (IRE).
Email: info@obeliskinternational.com or visit our website: http://www.obeliskinternational.com.
For press enquires, please contact Obelisk’s marketing department on (+34) 952 820 319 or email press@obeliskinternational.com.
Brazil holds the G20 presidency this year and hosted the São Paolo summit attended by G20 finance ministers and central bank governors. Brazil’s president, Luiz Inacio Lula da Silva, representing the world’s emerging economies led by the so-called ‘BRIC’ nations (Brazil, Russia, India and China), called for a reform of global financial institutions. Lula firmly believes that the International Monetary Fund should be restructured to reflect the importance of developing economies.
After years of financial and economic difficulties, Brazil is finally reaping the rewards and along with its fellow BRIC members, is set to become the world’s top economy by 2050.
At a time when many countries – and the eurozone – have slipped into recession – Brazil certainly has something to say when it comes to economy. Forecast by The Economist to achieve 5.3% GDP growth in 2008, Brazil’s economy has already achieved growth rates of 5.8% and 6% in the first 2 quarters of this year. Small wonder that Lula feels the G20 group should replace the G7 as a main forum for discussing global economy and finance.
One of the most palpable signs of the healthy Brazilian economy is in São Paolo. On a global scale, the city’s economy is huge – equivalent to the whole of Argentina’s – and so is its luxury consumer market, worth US$1.7 billion a year.
Along with football and going to the beach, shopping is top of the ‘Paulistas’ favourite pastimes. Designer labels such as Burberry and Louis Vuitton are popular haunts and Gucci is opening a second outlet in the city. São Paolo inhabitants also enjoy going on holiday and their preferred destination is within their own country – the north east region.
With its growing economy and increasing presence on the world stage, Brazil and its carismatic president look set to have a lot to say. That makes Brazil one definitely worth watching when it comes to investment.
For more information on overseas property investment and to find out about Obelisk's latest projects, contact Obelisk free on 0808 160 0670 (UK) or 1800 932 514 (IRE).
Email: info@obeliskinternational.com or visit our website: http://www.obeliskinternational.com.
For press enquires, please contact Obelisk’s marketing department on (+34) 952 820 319 or email press@obeliskinternational.com.
Labels: Brazil, credit crunch, economy, investment, property, real estate
posted by Alison Kane at 12:45 pm
0 Comments:
Post a Comment
<< Home