Future of Brazilian Economy campared to a developed country i.e. USA Essay

Future of Brazilian Economy campared to a developed country i.e. USA and Developing country i.e. India - Essay Example Brazil serves as one of the most distinguishing countries of the South American continent. Its distinctive characteristics are due to its splendid geo-strategic location, profusion of natural resources, vast area, cultivation of multiple crops in different seasons, large population and tremendous industrial and agricultural productions. â€Å"Composites industry in Brazil is the largest in Latin America and presently is witnessing good growth after some years of slowdown thanks to the recovery of the automotive industry and increased urbanization. Brazil traditionally has a strong manufacturing base and higher per capita income.† (Lucintel, 2008) The country has made slow but steady and stable progress in all fields of life during the last few years only. The authorities have established a comprehensive export promotion system in order to keep equilibrium between exports and imports, where imports never exceed than the export volume of the country to a dangerous extent.  "The value of Brazil’s exports to the US fell by 34.1% to $20.1 billion in 2009. Brazil imported $26.2 billion worth of merchandise from the US in 2009, down 19% from $32.3 billion in 2008. Brazil’s trade deficit with the US tripled to $6.1 billion in 2009, from $1.8 billion in 2008.† (economywatch.com/) Consequently, her fast pace growth proves Brazilian economy as one of the fastest growing economies of the world at large in this age of perfect competition under free trade economic system. However, being the most populated country of the continent, Brazil had to make hard efforts in respect of winning the present economic position in the international arena. The political authorities of the country had to combat with several socioeconomic challenges including low per capita income, unequal distribution of wealth and resources, high crime rate, ethno-racial conflicts, always expanding unemployment rate, awkward clutches of poverty, political instability, and ina dequate allocation of human and natural resources etc. Somehow, the sincere and dedicated efforts, made by the Brazilian leadership and the masses jointly, have turned out to be fruitful in earning respectable status for the national economy. â€Å"Blessed with the abundant natural resources, Brazil has become the most powerful country in South America in economic terms and thus is leading the other countries of South America. With large and growing agricultural, mining, manufacturing and service sectors, Brazil economy ranks highest among all the South American countries and it has also acquired a strong position in global economy.† (mapoftheworld.com) Currently, Brazil’s economy is at eighth position in world ranking with GDP $ 2.023 trillion, and hence she is the only South American country, whose name is got place in the list of top ten economies of the world. The development made by the country is not confined to one specific area or zone only. On the contrary, th e Brazilian economy has showed an upward trend in all fields and departments including trade, commerce, agriculture, industrialization, technological advancement and infrastructure. As a result, the salaries and wages of white collar and blue collar workers have also witnessed tremendous boost along with the high increase in the profit volume of the industrialists and investors. Thus, the analysts and financial experts are taking both business and salary class to climb the ladder of prosperity and financial stability. Before embarking upon the topic under