Brazil's economy 'will recover in 2009'

Date added: 10th June, 2009 at 10:14
(view all articles from June, 2009)

Categories: Economy

Brazil's economy is likely to begin a recovery in the second half of 2009 thanks to government and consumer spending, Brazil property investors may be interested to read.

The country's finance minister Guido Mantega said that the government is targeting one per cent economic growth, an achievement considering that much of the western world is in deep recession.

He pointed out that the service sector is doing well, while there has also been an increase in foreign spending in Brazil.

However, Mr Mantega said that there will still need to be monetary stimuli in order to sustain growth.

Paulo Leme, a spokesperson for Goldman Sachs, told Bloomberg: "Brazil's economy is ready to grow again since the banking system remains solid and wealth was not destroyed."

Earlier this month, it was revealed that approval ratings of Brazilian president Luiz Inacio Lula da Silva had risen from 76.2 per cent to 81.5 per cent since March.

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