China might be the tiger, but Brazil was pegged to be the tortoise of the decade. (Remember, slow and steady wins the race!) After all, in last year’s special report on business and finance in Brazil in the Economist, Brazil was pegged for 4-5% year over year growth, while most countries, like the US, are struggling to achieve a mere 3%.
The article, which noted that Brazil could be one of the world’s five biggest economies by mid-century, joining China and India who are also climbing, pointed out that FDI (Foreign Direct Investment) in Brazil was up 30% year-over-year when the global average was -14% and GDP has been outpacing inflation in Brazil for five years.
And now, as per this recent article over on CNet, Foxconn is looking to invest 12 Billion in Brazil. That’s almost 1% of the annual GDP of Brazil! That’s quite a boost to the local manufacturing economy. Then when you add the proximity to North America, the deep cuts in taxes Brazil is granting to foreign companies, and the rapid growth projected for the coming years, Brazil is likely to get a lot more popular in the years ahead.