Rich gain most from Brazil's emergence

Whilst the US teeters on the edge of recession and the UK battles with its own economic problems, it's easy to forget that some areas of the world are booming. Welcome to Brazil. The boom is silencing critics who - ever since the term Bric was coined by the investment bank Goldman Sachs to explain the key emerging economies of the world - have been questioning Brazil's inclusion. "Unequivocally, yes," insists investment banker Jean Marc Etlin, vice-chairman of Banco Itau BBA. "Brazil is a Bric" - alongside the other three; Russia, India and China. "It's a junior Bric, but going up the ranks. "It certainly fits the bill with healthy growth, a high population and plentiful natural resources." Brazil's growth rate remain relatively low compared with other Bric's though. Its gross domestic product, or GDP, is rising at 5.4% per year, compared with 8.9% in India and 11.5% in China. This is why sceptics used to believe that Brazil's inclusion is absurd, though many have changed their minds. "I'm no longer a sceptic," says Zeina Latif, head of economics for ABN AMRO in Brazil, citing the recent strength of Brazil's exchange rate and its macro-economic conditions.