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Free «Current Events - the Rich and the Poor» Essay Sample

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The Global South comprises countries of the world, among of which are those in the Southern Hemisphere. Brazil is the country chosen as a sample for the case study. It includes both medium human development, HDI less than 0.8 and/or greater than 0.5 and a low human development of a HDI of less than 0.5. Currently, the core issue is on ways and policies to elevate the living standards to the same level as those in the Global North (Roskin, 2010). The differences in the standards existing amongst the rich and poor nations cannot be justified. For Brazil, economic development dictates the process through which living standards can gradually be raised to the levels acceptable in the Global North.

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Current Stage of the Brazilian Economy

Two weeks ago, the finance minister made an announcement that Brazil’s economy had grown at an anemic 0.6% in the first half of this year, far lower than South Africa’s 3.2%, during the same period. The Latin American rivals Chile and Mexico are also growing faster (Otoni & Pariz, 2012).

Recovery Policy

 
 
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Brazil has devised a new policy of temporary tax reduction worth close to $1 billion to boost the besieged automotive sectors and other main industries in an attempt to restore the falling economy’s boom.

Expectations of the Economy

If Brazil was to become a sophisticated economy with steady growth, then President Dilma must double the country’s spending on infrastructure, thoroughly reform the education system that presently produces very few skilled engineers and workers, ease byzantine regulation, tax, and curb corruption. If this is not implemented, Brazil will continue to rank low in its "Ease of Doing Business" (Roskin, 2010). In five to ten years fears of Brazilians will increase; the country's unsettled structural problems could prevent it from recovering back to the 4% average annual Growth Domestic Product growth, enjoyed over the last decade.

   

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