Above average economic growth predicted for Brazil in 2009
Date added: 18th November, 2008 at 09:34 (view all articles from November, 2008)
Categories: Economy
Brazil's economy will grow at a greater rate during 2009 than the global average, the president of its Central Bank claimed yesterday (November 17th).
Henrique Meirelles told the Sao Paulo Industries Federation that Brazil will be affected less by the ongoing credit crunch than many other countries, which is why its growth rate will be higher than the world average projections of two per cent, Xinhua reports.
The spokesman gave details of exactly what the Central Bank is doing to combat the economic downturn and claimed to have already spent 70 billion reais (£20.4 billion) creating more credit and another 106 billion reais on improving levels of liquidity within the financial markets.
Mr Meirelle commented: "Brazil will undergo a deceleration in the credit next year, which will produce a general deceleration of the economy, but in a much lower pace than many countries."
Brazil's president Luiz Inacio Lula da Silva was quoted by Reuters on Monday as saying his country's economy is "in much better shape" than those of Western nations.
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