I was reading about Brazil just now because I kept feeling troubled about it being termed a "third-world" country. I've been there three times, and it was quite sophisitcated. But I know it is what's considered a country of "medium" development because there are plenty of aspects of its society that still have progress to make. I prefer the term "still-developing, newly industrialized country." Economically, it's the strongest country in all of Latin America.