Brazil is One of Few Winners in Global Crisis
The financial market meltdown a year ago brought Brazil's three-year economic spurt to an abrupt halt, silencing those who had previously held that the country would be able to weather any global financial storm because of its strong domestic economy and stable banking system, reformed after the Latin American debt crisis of the 1980s.As raw-material prices plummeted and investor risk-appetite dried up, hopes were quenched that Brazil's economy might be immune to the woes of the global markets. The economy contracted 3.6% in the fourth quarter of 2008 and a further 1% quarter-on-quarter in the first three months of 2009.
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