Waxing lyrical about Brazil
Goldman Sachs coined the term BRICs in 2001 to describe how Brazil, Russia, India and China had similar fast-developing economies. By 2010 they were meeting regularly and enjoying fast growth. They were also fast-growing markets for aircraft manufacturers.
Now, things are not looking so great. Russia is subject to sanctions after invading Crimea in 2014. China is suffering from a so-called trade war with the US. And India is involved in worrying words with Pakistan.
That leaves Brazil – the world’s second-largest business jet market (and the only BRIC with a significant fleet). Brazil has had a torrid eight years. With poor economic growth caused by political scandals, President Rouseff impeached in 2016 and so on. (Impeaching a president is not good for the economy.)
But things are now looking up again. David Clark, president of Brazil specialists Integris Aviation Solutions, says that with a new market-friendly government in place, fundamental issues in the market have started to be addressed, and a newfound optimism has emerged.
This, says Clark, was especially evident during this week’s Latin American Business Aviation Convention & Exhibition (LABACE) held in Sao Paulo, where between Caipirinhas, all of the manufacturers announced orders for the region.
This is not the first time people have been optimistic about Brazil in the last few years. But Clark says it is real. Clark adds: “You could even say it’s back, but the feeling is that next year will be the real year for the comeback.”