Keith Fitz-Gerald says the recession that is now inevitable in the US and Eurozone will not necessarily evolve into a worldwide contraction. US influence in the global economy is waning, while China’s is growing rapidly. Keith says countries with high cash reserves and low external debt should bounce back strongest in the long term. And that gives investors a reason to remain “selectively bullish”.

“Brazil is the country of the future – and always will be,” goes the old joke. Previous periods of strong growth in Brazil have ended in turmoil, but the country has come a long way over the last few years and finally seems set to fulfil its potential and develop into an advanced economy.