Brazil, along with Mexico, has long been at the forefront of Latin American economics. Indeed, it's been on the up, competitively, since 2009. Steps taken in the 1990s to make the economy sustainable have provided a much better environment for private-sector development, and it is even a pioneer in many fields, such as ethanol development. Currently, it is the sixth largest economy by nominal GDP, and it is expected to be the fifth by the end of 2012.
Like many economies currently booming, Brazil's economic income is highly diversified. Agriculture and food production account for 8%, whilst industry accounts for 28.5% - ranging from automobiles, steel, aircraft and many more. It has also pioneered new techniques in deep-water oil extraction – a necessity due to the fact that as much as 73% of reserves in Brazil are extracted from under deep water. Furthermore, Brazil is self-sufficient for energy, using a mixture of nuclear power, gas and oil to provide its population with electricity. It is also a leading pioneer in hydroelectric methods, and it is home to the world's largest power-providing dam.
It cannot be denied that Brazil has experienced an extraordinary amount of economic growth of late, but there are still problems. Despite a reduction in inequality, there is still plenty about, and Brazil has yet to achieve universal education for all. Even so, the country is booming, and is currently home to the largest number of billionaires in Latin America. It is unknown as to whether this boom will continue – some say the country is just a fad, others say there is no reason as to why it shouldn't. Only time will tell.