While much of the rest of the world endures the global economic recession, Brazil is basking like a sunbather at one of its pristine beaches, comfortably assured in its 5% annualized growth rate and its envied position as the 10th largest economy in the world. Hordes of U.S. and European multinationals have established operations in the country, followed by a supply chain samba line of their suppliers and their suppliers’ suppliers.

In just a single generation, Brazil has emerged from political instability, hyperinflation and a massive debt load to stand alongside China and India as one of the booming emerging market economies. Brazil jettisoned its last dictator in 1985 and replaced him with a democratic government that has reined in foreign debt, implemented key monetary and other fiscal reforms, cultivated and nurtured a growing lower middle class, and invested in much-needed infrastructure projects.

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