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The run-up to the pivotal 2010 elections will be the Lula administration's first real test: whether Brazil can capitalise on its economic maturity or backslide into past policies of fiscal irresponsibility and weaken its growing global clout.

"In the coming years, China will power its way up the value-added chain and develop its huge domestic market to become an even more vital global player."

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"India urgently needs reforms in governance if it is to sustain high growth rates, build world class infrastructure and maintain social stability in a rapidly changing world."

"India will remain one of the world’s fastest growing markets owing to its large and young population and entrepreneurial spirit. But deeper structural reforms are necessary for growth to continue."