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Economy

Big Goal: Can The World Cup Alone Boost Brazil's GDP?

Brazil is spending freely as it prepares to host the 2014 World Cup. The event is also expected to attract investment from abroad, and possibly boost Brazil’s country brand. But will it singlehandedly boost GDP by 1.5% as one top economist claims?

Let the good times roll (Peter Fuchs)
Let the good times roll (Peter Fuchs)

*NEWSBITES

From China's slowing economy to the crisis in Europe to the delays in its pre-salt oil drilling plans - Brazil has no shortage of economic uncertainties to contend with. At least the South American giant has one thing on the horizon that's about as close to a sure thing as there is: the World Cup.

Over the next three years, Brazil, the next World Cup host country, can expect a GDP bump of 1.5% thanks to the soccer tournament alone, according to Ilan Golfajn, the chief economist from Brazil's Itaú Bank. A bit far fetched? Golfajn stands by the prediction, which he first made publicly during a seminar last year in São Paulo. The 2014 event, he claims, will generate direct investments of some $20 billion and create 250,000 jobs. And that's not all. Besides the boost it will give Brazil's hotels, some of which already have reservations for the month-long tournament, there's also what Golfajn calls the "brand effect."

"The image being broadcast globally is that Brazil is a country open to trade. That positive image will help us raise exports," he said.

Golfajn expects the World Cup will benefit both large firms – specifically the ones overseeing the major pre-tournament infrastructure projects – and the smaller and medium-sized companies that supply them.

Not that the benefits will be automatic for everyone. During the same seminar, Carlos Eduardo Maccariello, the director of technological productions for the Itaú Empresas division, urged companies keen to cash in on the event to plan their strategies starting now. Otherwise they risk ending up missing both the kickoff...and the victory party.

Read the original article in Spanish

Photo - Peter Fuchs

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Society

India Higher Education Inferior Complex: Where Are The Foreign University Campuses?

The proposed UGC guidelines are ill-conceived and populist, and hardly take note of the educational and financial interests of foreign universities.

Image of a group of five people sitting on the grass inside of the Indian Institute of Technology campus.

The IIT - Indian Institute of Technology - Campus

M.M Ansari and Mohammad Naushad Khan

NEW DELHI — Nearly 800,000 young people from India attend foreign universities every year in search of quality education and entrepreneurial training, resulting in a massive outflow of resources – $3 billion – to finance their education. These students look for greener pastures abroad because of the lack of quality teaching and research in most of India’s higher education institutions.

Over 40,000 colleges and 1,000 universities are producing unemployable graduates who cannot function in a knowledge- and technology-intensive economy.

The Indian government's solution is to open doors to foreign universities, with a proposed set of regulations aiming to provide higher education and research services to match global standards, and to control the outflow of resources. But this decision raises many questions.

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