Brazil is an American country with the most significant development potential. Development of a nation is dependent on internal structures as well as the country relationship with other countries in the world. The world has become a global village which has made global trade key in national and regional development. Brazil development potential is further anchored on the nation good relationship with the neighboring countries and a robust industrial foundation which sets the basis for the exploitation of the nation’s vast natural resources (Wright & Czelusta, 2003).Brazil deserves to be the most promising American country with a high development potential due to the prevailing internal and external environmental factors that are favorable for development.
Brazil has recently experienced positive economic development due to sustainable peace and strong leadership. Leadership is critical in the success of any country by leading the people of a nation towards achieving set social goals and economic objective. The 2018 elections depicted Brazil as a competent and progressive democracy in South America which has attracted significant respect and admiration by global economies. Sustainable democracy is vital towards ensuring that a country can be able to attract investors from the most developed countries which enrich the local economy in infrastructure (Amann, Baer, Trebat, & Lora, 2016). Therefore, the Brazilian local democracy and peaceful transition of power have made the nation a key destination for investors which is a development potential for the country.
Brazil has vast natural resources, human capital, and infrastructure in place which positions the country for future development. Brazil is endowed with vast and variety of natural resources such as uranium, petroleum, gold, iron ore and hydropower which positions the nation in the region as an investment hub by foreign governments and organizations. Revenues from the countries’ natural resources have been used to develop the national infrastructure and industrial complexes which has significantly increased the nation’s exports in the past decade (Amann et al., 2016). Therefore, Brazil has the most development potential in America today due to because it has invested in natural resources exploitation as well as the ready availability of skilled labor and infrastructure.
Brazil has the potential of becoming a major economic hub in South American due to the nation’s economic cooperation with global organizations such as OECD and its reliable and credible changes in the judiciary. According to Arbache, Rouzet, & Spinelli(2016), global cooperation is key to any nation’s success in the 21sty century due to globalization and interconnection of world markets. In the past decade, Brazil has strived to develop credible legal structures and the judiciary while at the same time courting global organizations such as the OECD as well as regional economic cooperation which has placed the country in a good development path (Arbache et al., 2016).Thus, through collaboration with OECD member countries, Brazil has attracted investment and also a diverse market for its products and raw materials.
In conclusion, Brazil has the potential to become one of the leading economies in America because of resource endowment, good leadership, and proper legal structures. Brazil’s peaceful regime change and elections in 2018 improved the nation’s global standing as an investment haven for the European and American companies. Besides, the country cooperation with OECD has opened Brazil’s domestic market as well as the international market for its natural resources and surplus produce. The country’s economy will expand in the future and make Brazil one of the leading economies in America based on its gross domestic products and exports.
Arbache, J., D. Rouzet F.& Spinelli (2016). “The Role of Services for Economic Performance in Brazil,” OECD Trade Policy Papers, No. 193, OECD Publishing, Paris, Retrieved from https://doi.org/10.1787/5jlpl4nx0ptc-en.
Wright, G., & Czelusta, J. (2003, November). Mineral resources and economic development. In Conference on Sector Reform in Latin America, Stanford Center for International Development Nov (pp. 13-15). Retrieved from https://siepr.stanford.edu/sites/default/files/publications/209wp.pdf
Amann, E., Baer, W., Trebat, T., & Lora, J. V. (2016). Infrastructure and its role in Brazil’s development process. The Quarterly Review of Economics and Finance, 62, 66-73. Retrieved from https://doi.org/10.1016/j.qref.2016.07.007
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