Brazil tipped to be major world economy
Brazil has been tipped to become one of the biggest economic powers in the world by a media magnate.
Sam Zell, chief executive of the Tribune Company, said he believes the South American country is set to see considerable growth in the next few years, reports Reuters.
He described Brazil as a self-sufficient nation, due to its wealth in natural resources, crops and strong labour market.
Furthermore, he highlighted annual increases in retail spending as an indicator of its growing economic prosperity.
As a result, Mr Zell has flagged up the country a place in which he would be happy to invest.
He commented: "It has the chance 30 years from now of being a bigger economic power than China."
According to industry analyst Amberlamb, Brazil's gross domestic product is expected to increase by 4.8% this year.
This, it said, means the country offers room for investors to collect healthy short-term returns.
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