Opportunities in Brazil: Keep your eyes on the BRIC construction world
Examiner, June 02, 2009
Andrew Gaved of "Construction News" states that an estimated $21.7 trillion (14.5 trillion) will be spent on infrastructure and property by governments and the private sector worldwide over the next decade. Much of this will be spent in China and other parts of Asia, but Brazil has one of the largest slices, at 5 per cent."
Mr. Gaved goes on to say, “Brazil is one of the four BRIC countries (Brazil, Russia, India, China) projected to dominate the global economy by 2050. Its population is rising by about two million people a year. Part of Brazil’s increase in spending is because of the mass urbanization of the country which has an emerging middle class that can spend more on its homes. This has caused a huge housing deficit and an increasing demand for better infrastructure. Tourism has a large part to play with the country gearing up for the 2014 World Cup."
Brazil's director of the Ministry of Tourism, Hermano Carvalho, told Construction News that, "There are about 20 million people in this new middle class. The country’s GDP will continue to grow this year, although at a slower rate.
We are still building hotels, resorts and golf courses. We won’t stop. We expected to grow our GDP by 5 per cent this year but have recalculated it to 2.5 per cent to 3 per cent. It is still growing, just more slowly.”
So there it is. Things are happening. Perhaps not at the speed with which they had been projected two years ago, but they are happening. Apparently the over all economy will be gearing up for a turn around, but specifically do not take your eyes off the BRIC, (Brazil, Russia, India, China).....and definitely don’t forget about the ‘B’.