Brazil’s annual party shuts down the country for five days
This weekend saw the climax of Brazil’s carnival celebrations with millions of locals and international visitors and celebrities flocking to the annual five day party, a national holiday which shuts down the country for five days.
The Brazilian economy was not insulated from the problems of the global financial crisis of 2008; it experienced two quarters of recession as demand for commodity exports dried up. However, Brazil was one of the first emerging markets to begin recovery as consumer and investor confidence caused GDP to hit a growth rate of 7.5% - a 25 year high.
Brazil winning the economic race
In 2011, Brazil overtook the UK as the 7th largest economy in terms of GDP. Brazil not only exports to Asian markets it also attracts significant investment from countries such as China, further driving prosperity.
The recovery of the UK economy cannot happen in isolation; with our key European market bumping along the bottom, it is imperative to look to overseas markets wherever possible. The growth of consumer markets in Brazil holds enormous potential; between 2003 -2014 Brazil’s lower-middle class has grown by 52.1 million, and the A and B demographic jumped by 15.7 million.
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