After decades of political instability, poverty and uncertanty has Brazil finally hit her stride?  We all know that Brazilians know how to party and play (football) but can they roll with the G8 and give them a run for their money?  In 2001 Goldmen Sachs placed Brazil with Russia, India and China as the economies that would come to dominate the world.
 
Some may find it queer to place a country with a growth rate as skimpy as its swim suits, an economic fragility that consistantly suffered with any financial crisis, chronic political instability and a history of squandering economic potential could have so effectively put those wose behind them to pave the way for such a prosperous future.  China is said to lead the world out of our currant economic down turn with Brazil hot on their heals.  Brazil did not avoid the down turn but was among the last in and the first out.  Their economy is growing at a rate of 5% annualy and will pick up in the short term as new deep sea oil fields come online.  Brazil also enjoys a food and mineral trade with many Asian countries.
Sometime after 2014 Brazil is scheduled to become the worlds 5th largest economy saying to Great Britan and France uhm excuse me I beleive that's my seat.  In many ways Brazil is said to outclass the other up and comers (Chine, India and Russia).  Unlike China and Russia it is a democracy.  Unlike India it has no insurgent, ethnic, religious hostility or unfriendly neighbors.  Unlike Russia it exports more than oil and arms and treats it's investors with respect.  Is that code for arss kissing? LOL
Under the Presidency of Luiz Inacio Lula da Sylva (damn I bet his momma knew he was going to be President one day), a former trade union leader born into poverty his government has moved to remove inequalities and enact smart social policy.  They say that the world has a lot more to learn from Brazil than from China.  Its recent award of the 2016 Summer Olympics is all to symbolic of Brazils future on the world stage and f.y.i. Rio de Jeneiro will also host the World Cup in 2014 as well.
Unlike the blast off which Jesus was so kind to model for in the photo above Brazil's emergence has been steady not sudden.  Begining with a set of sensible economic policies in the 90's inlfation was tamed and all levels of government were required by law to rein in their debts.  The Central Bank was granted autonomy charged with keeping inflation low and ensuring that banks avoid the adventurism that has damaged Britain and America.  Hey at least some one out there is learning from our mistakes, right on.  The economy was thrown open to foreign trade and investment and many state industries were privatised.
 
Despite their newly laid ground work towards economic strength Brazil is still young in it's adjustment period and is still suseptible to overspending and underinvesting by private and public markets so their future standing is very dependant on the right moves now.  The (real) has gained almost 50% against the dollar since early December which boosts Brazils living standards and good business for importers but makes life hard for exporters.  Lula's smart industrial policy seems to be whipping his country into shape though archaic labor laws are the next hurdle his country will have to face to acheive the economic forcast that is expected of them.