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FDI breaks records in Brazil

Date added: 9th July, 2009 at 16:21
(view all articles from July, 2009)

Categories: Economy

Foreign Direct Investment (FDI) in Brazil reached record levels in May, new figures have shown.

According to the Central Bank of Brazil, FDI in the production sector reached $2.48 billion (£1.53 billion) last month, the highest ever recorded and almost double that in the same month in 2008.

Head of the bank's Economic Department Altamir Lopes said that the forecast for this year's total FDI is now $25 billion.

He added that the increase in FDI shows that investors continue to see Brazil as a safe haven for investment, despite the global economic downturn.

In related news, a central bank survey recently predicted that the Brazilian economy will return to 3.5 per cent growth in 2010 after shrinking by only 0.5 per cent this year.

Employment was also found to have risen, indicating a potential end to the recession.

Founder of Sao Paulo-based Maua Investimentos Luiz Fernando Figueiredo said this was a better recovery than anyone had expected.


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