Brazil economy thrives amid global downturn

Date added: 31st July, 2008 at 11:52 (view all articles from July, 2008)

Categories: Economy

Rising food and fuel prices do not seem to be having a negative effect on the Brazilian economy, a media outlet has stated.

According to Newsweek, economic problems are threatening to put an end to an unprecedented period of prosperity in many countries.

However, the news provider has said that Brazil appears to be escaping this downturn and is continuing to experience growth.

Indeed, inflation is relatively low and the economy is supported by factors including the country's wealth of natural resources.

As a result, its export market is doing well and output in its agricultural sector is continuing to increase.

Newsweek commented: "The spectre of global stagflation looms, but in Brazil, things couldn't be better."

This comes after President Lula da Silva said the country is currently performing well in the face of global economic pressures.

Speaking in an address to the nation, he predicted that the economy would continue to experience growth in the near future.

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