Brazil’s Exploding Economy
Brazil was much more expensive than I ever imagined it’d be. I got a hint of what I was going to encounter by the prices of hotels in Rio, but I didn’t imagine that the prices would be nearly on par with Canadian ones.
Brazil’s economy is the world’s sixth largest economy and growing at a phenomenal rate. While their currency, the real, is considered to be overvalued and inflation is not completely check, a slowdown is not expected, especially as Brazil prepares for the FIFA world cup and the Olympics.
And while the economic growth is starting to create a middle-class in a country notorious for its wealthy divide, there is still lots of poverty as evidenced by the numerous favelas in the country.
Because of its rising prices and growing upper class, Gadling has named Brazil a luxury destination for 2012.