Economics Nobel Prize winner says that Brazil can benefit from the global crisis
By 2030, Brazil may already have joined the group of rich industrial countries
The Brazilian economy should benefit from the global economic crisis. This statement was made on Monday by none other than the 2004 Nobel Prize winner in Economics, Edward Prescott. According to the American, the country could become part of the select group of rich industrialised nations as of 2030.
"Brazil is going to be alright. It seems that the fundamentals are there. You can have quick recovery and reach the industrial leaders rapidly. But there need to be good policies," he said.
He advocates greater integration with the global economy and decentralization of the decision making process.
"Brazil is becoming integrated, but it needs to make more connections with the outside world; to export high-technology goods so that firms have confidence to bring technology here," he said. "What will happen after the crisis will depend on the policies adopted," said Prescott.
The Nobel Prize in Economics in 2004 does not believe that the world economy will enter a depression along the lines of 1929.
