As the biggest economy in Latin America and a major investment destination in the emerging economies, Brazil has a rapidly expanding technology and services industries. Brazil is the largest information and communication technology (ICT) market in Latin America with major trading partners such as Canada in this industry. In the year 2008, Canadian ICT exports to Brazil stood at 81.8 million Canadian dollars. Even though the sector was in decline after the hard hitting economic recession, Brazilian IT spending is expected to make a comeback this year as the economy recovers. Demand for services and products from this industry is expected to grow at a compound annual growth rate of 12% over the forecast period making the country one of the most excellent performers in ICT global markets.