Though the 1980s and the 1990s have not been good times, Brazil is, in my judgment, a potential economic giant poised to take off on another growth surge. Twentieth century Brazil is in many ways reminiscent of 19th century U.S.A. large, dynamic, self-confident and possessed of much entrepreneurial capacity and vigour. Several problems remain to be taken care of before strong stable growth can be predicted with confidence. But it is likely that the foundations for strong growth are now close to being fulfilled. When the take off does come, Brazil will be the main locus of growth and of new economic opportunities in Latin America.
Brazil currently produces about three-quarters as much as the rest of Latin America together.
This remains to be seen. It would be stretching things to believe that it will generate growth much faster than the country achieved during the long, albeit interrupted and hectic boom which ended with the debt crisis. If this does happen, so much the better. But the more important point is that the features which produced the earlier boom should be equally able to contribute importantly under the changed circumstances. Unlike some smaller countries with limited resources or entrepreneurship, which flounder in the search for international competitiveness and as a result may not gain much from opening their economies, Brazil has amply demonstrated the capacity to export a wide range of goods, from primary products through light manufactures to more sophisticated products.