MIPIM: Brazil could see a dip in GDP rather than a rise as a result of the World Cup, according to Marcelo Costa Santos, vice president of Cushman & Wakefield South America.
Costa Santos said that the lost working hours as a result of Brazilians missing work to watch football matches might not be counterbalanced by an increase in tourism.
“You can walk down the main shopping street in Sao Paolo – the equivalent to Regents Street or Oxford Street in London – at 3pm on a weekday when there is a Brazil game on and there will be no cars at all.”
Santos added that Brazil is likely to remain a valid investment opportunity for European and American companies for the next 25 years. He stressed the current economic slowdown is an adjustment following a period of extreme growth rather than a permanent decline.
He said: “We look up to Europe. We aspire to be like Europe and so we hope Europe will continue to invest in the Brazilian market.”
He also pointed to Colombia as the next South American market to watch.
emily.wright@estatesgazette.com
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