According to an old documentary from 1992, Singapore’s economy was most likely going to surpass the U.K by 1995. Turns out the U.K was surpassed. But not in 1995. And not by Singapore.
It happened sixteen years later and it didn’t happen in another Asian country. It was much closer to home. Brazil’s economy was announced on Monday to have surpassed the U.K. Ok, so distinctions should be made between per capita GPD and economic growth, but this is still huge. But not all news is rosy. “Brazil has a population of about 200 million, more than three times the population of the UK. Brazil’s economy grew by 7.5% last year, but the government has cut its growth forecast for 2011 to 3.5% after the economy ground to a halt in the third quarter, with analysts blaming the country’s high interest rates and the worsening situation in the eurozone.”
But that’s only a hiccup compared to the great strides all of Latin America has made over the years. Mexico’s economy has an estimated growth rate of 4.3% in the future; twice as high as the U.S. Yes, you read that right. Income inequality, long the scourge of the continent, is falling to unprecedented levels. This is a cause for celebration. According to the Washington Post, all those neoliberal reforms of the late 80’s and early 90’s are paying off; many governments have worked hard to make their services more efficient and economic growth has been more diverse. The whole region is slowly marching its way up. This can only mean more wealth and hence, the right to be treated as equals by all. When Charles DeGaulle said of Europe deciding the fate of the world, he forgot about us. Now that this is common knowledge, the only thing left for Brazil is to do the honorable thing. It is something befitting a nation that has just arrived onto the world scene.
“Ha! Take that U.K! You laughed when we said we would use corn to fuel cars; now who’s laughing!”