Brazil will become an economic superpower by 2050 if its growth rate remains at 3.5 percent per year, a leading economist said Wednesday.
In a brief visit to Brazil, Jim O'Neill, chief global economist at investment bank Goldman Sachs, said discrepancies among the widely-recognized BRIC countries (Brazil, Russia, India and China), such as population, explain why the Brazilian economy could grow at a much slower pace and still remain in the group.
He said an annual growth rate of 5 percent, which the Brazilian government aims to achieve in the next few years, would be fabulous.
If Brazil sticks to an inflation target of 4.5 percent per year for the next five years, it will certainly help the country accomplish this goal, O'Neill added.
He said Brazil was yet to receive an investment grade from rating agencies because its external indebtedness continued to exceed other BRIC countries.
In 2006, Brazil's gross domestic product (GDP) increased by 2.9 percent. According to the latest census, the country has a population of about 180 million.