Brazil’s exports of goods and services, as a share of GDP, increased from 6.6 per cent in 1996 to 11.2 per cent in 2010.2 The most remarkable measure of success is that this step-up in growth was achieved with a declining rate of inequality – proof positive that economic growth isn’t inevitably shadowed by a widening gap between rich and poor.
The budget deficit for the euro area as a whole is expected to just over 2% of GDP in 2002 and 2003. By way of comparison, the US deficit is expected to be over 3% in both years. Enlargement of the European Union and the European Monetary Union The last issue that I want to discuss today concerns European enlargement.