Brazil economy ‘extremely strong’

Brazil is set for another strong year despite the growing global credit crunch...

Thomas O'Connor, co-head of the new Latin America Real Estate Group of U.S.-based law firm Cooley Godward Kronish believes that Brazil's economy will rise and rise in 2008: “The economy is expected to grow between 5.0 percent and 5.5 percent this year, as Finance Minister Guido Mantega reiterated last week.

“That follows GDP growth of 5.4 percent last year - the best result in three years and above the Latin American average of 5.0 percent. Meanwhile, foreign direct investment reached a whopping $34.6 billion last year, nearly double the $18.8 billion registered in 2006.

“Real estate is among the sectors that have been driving strong economic growth and it will likely continue to do so again this year. Overall, There's a middle-class boom and Brazil is extremely strong at the moment”.