The centre of the global economy is shifting towards Asia. This presents both new opportunities and new challenges for established high-income countries and for emerging economies, such as Brazil.
In Brazil’s case, the opportunities are evident, because China’s comparative advantage in manufacturing is complementary to Brazil’s relative advantage in commodities.
But the challenges to Brazil are quite as big as the opportunities. The dynamic source of demand for Brazilian commodities is a good thing, but deindustrialisation is not.
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