Brazilian minister predicts economic growth
Date added: 16th September, 2008 at 09:00
(view all articles from September, 2008)
The Brazilian economy could grow by four per cent in 2009, according to the country's planning minister.
Paulo Bernardo told Folha de Sao Paulo oil exploration in the country's pre-salt region will lead to increased investment.
Mr Bernardo also pointed out that the outcome of the US presidential election this November could have an impact on growth in the Brazilian economy.
He highlighted that change is afoot in the USA, with the next president set to "define an exit strategy in Iraq, strengthen the dollar, recover the housing market and reduce the twin deficit".
The "only thing" that can cut growth in the Brazilian economy to 3.5 per cent is a continued recession in the USA, the minister concluded.
Earlier this year, a Financial Times article claimed there is "little doubt" that Brazil is set to become one of the leading oil producers in the world.
According to Petrobas, the pre-salt region is home to the Tupi oil field which could hold between five and eight billion barrels of oil.