It is fascinating to consider the development of all countries in regards to economic growth, but even moreso for the BRIC countries. The resources which are available to a country must be utilized in an effient manner to be sustainable. For example, China has one of the largest and most concentrated populations in the world. It could be said that China's people are it's greatest asset. It has leveraged this power to become what is arguably the largest manufacturing sector of consumer goods in the world.

Brazil has also leveraged it's resources to fuel strong economic growth. It is the 5th largest country in the world by geographic area, with vast and varied natural resources at it's disposal. In the 16th century, sugar crops became the most important industry and export in the Brazilian economy. A century later, as sugar's profitability began to wane, the discovery and subsequent mining of Brazilian gold helped to maintain the colonies and fuel economic growth. In the last century, mining of ores, in combination with a strong agricultural sector, has helped to create one of the strongest economies in the region.

In recent years Brazilian exports have continued to boom, and the country has demonstrated it's growing versatility. Industries such as aircraft, technology and electronics, cars, and ethanol have joined the more traditional commodities such as iron ore, steel, sugar and soybeans as the country's biggest exports. These factors have helped to create the world's 9th largest ecomomy, with economists predicting status as number 5 within the next few decades.

When such growth occurs, it is inevitable to experience some growing pains as a side-effect. Brazilian economists have long feared that those industries which have defined it's economy in the past would limit it's future potential as a global economic leader. In a 2009 article in The Economist, "Condemned to Prosperity", the author explores some of these challenges:

"Where intellectuals once worried that Brazil's natural resources would confine it to a marginal place in the world economy, now they are concerned that Brazil's commodity wealth will condemn the country's currency to getting ever stronger, making life impossible for manufacturers with their sights on exports. They probably have a point. But it could be dealt with much more easily if Brazilian companies did not find themselves squeezed between two walls that are constantly pushing in on them. On one side is a public sector that taxes too heavily and spends badly. On the other is a large black economy that they find it hard to compete with."

While it may take decades to see these issues resolved, the Brazil continues to embrace new ways of leveraging it's resources. Developments such as the advances in ethanol technology, electronics, and the large discoveries of offshore oil made by Petrobras in 2007 are supplementing the more traditional commodity industries in the region and challenging the old views of what Brazil is capable of. Add in a future Olympic hosting, and I think we have a winning recipe!