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Things just got worse in the Eurozone with yesterday’s downgrades. Unemployment across the region is still high, but it’s highest in Spain at 22.9%.Which would explain why people have been leaving the country in droves to find work elsewhere. In 2011, more people left Spain than moved in — and lots of those people are going to Brazil. The Wall Street Journal’s Richard Bourdeaux and Paulo Prada reported on this trend today:
“Brazil is profiting from Europe’s decline. It is wooing foreign engineers and other construction-related specialists to help carry out housing, energy and infrastructure projects for which the government has budgeted $500 billion through 2014, more than double Portugal’s annual gross domestic product. …
By 2020, Brazil will need as many as 1.1 million engineers, roughly twice as many as it has now.”
The country’s big projects include building sports venues and hotels for the 2014 World Cup and 2016 Olympic Games, among other things. Although the country’s economy may slow in 2012, it has a 7% GDP growth rate and is expected to continue booming in coming decades.
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