以下是部分內容，供參考：

 

2.1.2 Inflation & Interest Rate 通貨膨脹和利率

 

Brazil’s past high inflation period has ended thanks to sound governance. Projected economic growth has provided stability to an economy that experienced hyperinflation up until the early 1990s. Since 2007, inflation remained between 3% and 7%, while interest rates ranged between 8.75% and 13.00%. Since July 2011 Banco Central do Brasil, Brazil’s Central Bank, lowered the benchmark rate 3 times for a total of 150 basis points. Current inflation is approximately 6% while the benchmark interest rate is approximately 11%.

巴西以前曾經歷嚴重通貨膨脹時期，后來在成熟的治理之下已經結束。預期經濟增長給這一曾經歷惡性通貨膨脹直至20世紀90年代初才結束的經濟體帶來了穩定。自2007年，通貨膨脹率保持在3%到7%之間，而利率則在8.75%到13.00%之間。自2011年7月，巴西中央銀行（Banco Central do Brasil）三次降低基準利率，總共調低150個基點。當前的通貨膨脹率大約是6%，而基準利率大約是11%。

 

Interest Rate: Declining Trend with Inflation at Low Levels

利率：隨著通貨膨脹率的降低也降至較低水平

 

基準利率                       通貨膨脹率

Source: Brazilian Central Bank.

數據來源：巴西中央銀行

 

As a result of these positive developments, investor confidence improved significantly. Shortly after becoming a net foreign creditor in early 2008, Standard & Poor’s and other major credit rating agencies rated the country investment-grade.

因這些積極的發展趨勢，投資者信心顯著增強。在2008年初成為凈債權國后不久，標準普爾以及其它主要的信用評級機構將巴西評為投資級國家。

 

2.1.3 Currency

2.1.3 貨幣

 

Over the last 10 years, the BRL / USD exchange rate fluctuated between BRL 1.53 to BRL 3.95 with an average rate of BRL 2.27 / USD. Currently, the Brazilian Real is relatively strong at approximately BRL 1.72 / USD with a strengthening trend.

在過去十年，巴西雷亞爾/美元匯率在美元對雷亞爾1.53到3.95之間浮動，平均值為2.27。當前，雷亞爾相對強勢，美國與其的匯率大約為1.72，且有增強趨勢。

 

Brazilian Real per US Dollar (1)

巴西雷亞爾/美元（1）

 

 

巴西雷亞爾/美元

Source: Factset.

數據來源：Factset.

(1)   From 14 February 2002 to 14 February 2012. 

（1）從2002年2月14日到2012年2月14日

 

2.1.4 Demographics

2.1.4 人口統計學特征

 

Brazil is the largest country in South America and the 5th largest in the world by geographic area and by population. With a total area greater than 8.5 MM km2, it’s smaller than Russia, Canada, China and United States, but larger than Australia. There are more than 192 MM inhabitants in Brazil, fewer only than China, India, United States and Indonesia.

按國土面積和人口衡量，巴西是南美洲最大的國家，也是全球第五大國家。其總國土面積超過850萬平方公里，僅次于俄羅斯、加拿大、中國和美國，而大于澳大利亞。巴西人口超過1.92億，僅次于中國、印度、美國和印度尼西亞。

 

Approximately 85% of the population lives in urban areas with a heavy concentration in the Southeast (80 MM inhabitants) and Northeast (54 MM inhabitants). The two most extensive regions, the Central-West and North, comprise more than 64% of the territory, yet have only 29 MM inhabitants. In order to promote regional development, the government provides economic incentives, such as tax holidays, to investments in these areas.

近85%的人口居住在城市區域，且高度集中在東南部和東北部（人口分別為8000萬和5400萬）。面積最大的兩個地區，中西部和北部，面積超過總國土面積的64%，但僅有2900萬人口。為促進區域發展，政府提供稅賦優惠期等各種經濟激勵促進這些地區的投資。

 

The population of S?o Paulo's metropolitan area is approximately 20 MM people and Rio de Janeiro is approximately 13 MM. Including S?o Paulo and Rio de Janeiro, Brazil has 9 cities with a metropolitan population greater than 3 MM inhabitants:  Belo Horizonte (MG), Porto Alegre (RS), Salvador (BA), Recife (PE), Fortaleza (CE), Brasília (DF) and Curitiba (PR).

圣保羅都市區的人口近2000萬，而里約熱內盧的人口則接近1300萬。包括圣保羅市和里約熱內盧在內，巴西有9個人口超過300萬的城市，分別是貝洛奧里藏特（米納斯吉拉斯州）、阿雷格里港（南里奧格蘭德州）、薩爾瓦多（巴伊亞州）、累西腓（伯南布哥州）、福塔雷薩（塞阿拉州）、巴西利亞（巴西聯邦區）和庫里蒂巴（巴拉那州）。