Ellie Macnamara S00148648
Brazil: A New Contender in the Global Economy?
Throughout the latest research, newspaper or political science journal articles Brazil has been termed “an upcoming global power” or “international player”. This being seen specifically in Brazils global economic position. Brazil is the largest national economy in Latin America, the worlds seventh largest economy at market exchange rates and the seventh largest purchasing power parity, according to the international Monetarty Fund and the world bank. Brazil has a mixed economy with abundant natural resources. Brazil is rapidly becoming a large contender in the Global economy partly due to being one of the 17 mega diverse countries in the world, home to a variety of wildlife, natural environment and extensive natural resources in a variety of protected habitats. O’Neil sees Brazil as a powerhouse “because of its economic strength, its hemispheric leadership and its growing strategic role through multilateral international forums” (O’Neil 2010).
The economy of Brazil is the worlds seventh largest by nominal GDP. Brazils economy is the largest in Latin American nations and comes in second best in the western hemisphere. With an average annual GDP growth rate over over 5 percent, Brazil comes in as one of the fastest- growing major economies in the world. In Brazilian real’s, Its GDP was estimated at R$4.403 trillion in 2013. The Brazilian economy is predicted to become one of the five largest economies in the world in the decades to come. This is due to many factors including brazils involvement in a number of diverse economic organizations such as the mercosur, Unasul, G8+5, G20, WTO and the Cairns group. Its trade partner’s number in the hundreds, with 60 percent of exports mostly of manufactures or semi manufactures goods. Brazils main trade partners in 2008 were: Mercosul and Latin America (25.9 percent of trade), EU (23.4 percent), Asia (18.9 percent),...