Booming North East Brazil Enjoying New Found Wealth
Brazil’s long
term economic outlook is promising. The Northeast region is one of the big reasons for this. Before known as one of the poorest regions in the country, the economy of the northeast of Brazil is now booming.
“We used to be Brazil’s burden, and now we’re the solution” say the locals.
Over recent years, Brazil has become a global economic powerhouse, and the northeast region is growing faster than any other” says Usha Pitts, principal officer at the U.S Consulate in Recife.
There are over 50 million people living in the Northeast of Brazil, which has a huge impact on this economic boom. It is the fastest growing population in all of Brazil.
People from Rio de Janeiro and Sao Paulo are moving to the Northeast of the country to find jobs.
A lot of the international business in Northeast Brazil is drawn in by the Port of Suape with its deep harbour and great location and by the industrial complex surrounding it. You will also find Brazil’s largest oil refinery, wheat mill and shipyard in the area.
Port Suape has attracted more than 100 new companies in the last four years which is brining both growth and jobs. “The whole economy is growing around the complex, the state and federal government along with the municipal government are working to create infrastructure,” says Dr. Andre Magalhaes an economist at the federal University of Pernambuco.
The government recently invested $2.5 billion in the port and it is already showing great returns. A new toll road has been built leading to Suape and there are new million-dollar properties springing up right alongside the road.
