Commenting on news that Brazil surpassed the United Kingdom and will be at the end of 2011, the sixth largest economy in the world, Brazilian finance minister, Guido Mantega said on Monday that although Brazil grow at rates above developed countries, it will take between 10 and 20 years to achieve a European standard of living. “We have to continue growing faster than those countries, increasing employment and income levels. We have a big challenge ahead,” Mantega said, according to a statement released in the early afternoon.
The minister reiterated that at this crisis, mainly focused on the euro-zone countries, emerging countries will have an economic growth above the growth of the rich. “The countries that will grow are emerging, such as Brazil, China, India and Russia. Thus, this position will be consolidated and the trend is that Brazil remains among the world’s largest economies in the coming years” he claimed.
Today Brazil is a country more “respected and coveted,” said Guido Mantega. “So much so that foreign direct investment should total $ 65 billion this year,” he said, citing Central Bank forecast.