Resource-rich Brazil is bursting with sugar, soybeans, and biofuels, but it has never had a robust economy to match. Brazil has underperformed over the last decade compared to other emerging markets in Russia, China, and India. But steady commodities prices, a vigorous export market in China, and healthy domestic banks have propelled the South American country’s rebound from the recession and have positioned Brazil to finally fulfill its economic potential.
Allen & Overy; Skadden, Arps, Slate, Meagher & Flom; Squire Sanders & Dempsey; and Thompson & Knight all opened offices in São Paulo in 2008, and in the fourth quarter of that year, the country’s gross domestic product plummeted 3.6 percent, the largest quarter-on-quarter drop the nation has ever endured. But in the second quarter of 2009, the nation emerged from the recession, with economic growth of 1.9 percent. Boosted by the nation’s low interest rate, Brazil’s stock market has jumped 53 percent in 2009 and returned to its prerecession levels. Banks have pumped liquidity into the market with a 20.8 percent increase in outstanding bank loans from last year.
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