Brazil to lead the BRIC economies in 2009
Wednesday, January 7, 2009 at 11:30PM Let me start 2009 with a prediction - Brazil will lead the global emerging markets out of the current doldrums to be the top performing emerging market in 2009. Firstly, let's not forget that Brazilians have known terrible times. Military dictatorship and economic stagnation are recent memories for even the most prosperous, and there are still tens of millions of Brazilians who live on less than $1 a day. The horrible handling of money affairs put Brazil under the microscope of the International Monetary Fund who, in order to ensure repayment of loans issued by the World Bank, sent experts to Brazil, imposed austerity in public spending, tackled inflation by limiting wage increases, and confronted labour unions and non-governmental organisations.