Brazil upgrades economic forecast for 2008

Brazil's Central Bank believes that it has underestimated the strength of its economy and has moved its previous forecast of 4.5% GDP growth this year up to 4.8%. Having studied figures just released which show Brazil's current GDP to be worth £749 billion in 2007, up 5.4% on 2006, experts have decided that they'd been too cautious.

Vast amounts of foreign investment are pouring into residential real estate in Brazil and estimates suggest that around 80,000 houses and apartments will have to be built in the north-eastern region alone to cater for the existing demand from foreigners for second residences.

As well as the government investing in the future of the country its overall appeal to foreign buyers is regarded as a plus. Brazil is a very cosmopolitan country and language barriers are rarely a problem as English is widely spoken in most situations while French and Spanish are spoken widely in addition to native Portuguese.

The cost of living in Brazil is much lower than in most European destinations and currently stands at 20% of that in the UK. As a result, the cost of maintaining and managing property is very low and it is small wonder that Brazil is increasingly popular as an expatriate retirement haven.

According to experts, Brazil is expected to be self-sufficient in oil reserves within the next year and it is believed by some economists to be amongst the worldwide leaders of the future, along with Russia, India and China.

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