Brazil

Brazil is the ninth largest economy in the world, yet its real potential has never been realised. Having had a strong period of economic growth from 2003 to shortly after the global financial crisis, the quality of life for millions of people was improved. Over the last 15 years or so, Brazil has experienced a major transformation. The country of almost 200 million people had high levels of inequality, yet managed to reduce poverty in a way not seen in many other parts of the world. Even the Asian powerhouses of China and India, with their incredible economic growth, had less success in this area. During the same period, Brazil managed to formalise the jobs of millions of Brazilians. This occurred because of economic expansion, income equalisation policies and a commodities boom. The net effect has been an increase in the middle class by 40 million people, or 20% of the population, in nearly ten years.