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Presidential hopeful hails Brazilian economic recovery

Date added: 4th March, 2010 at 10:26
(view all articles from March, 2010)

Categories: Economy

Businesses may be tempted to make an investment in Brazil after one of the country's presidential candidates hailed its economic recovery.

According to Jose Serra, who is standing for the opposition in this year's elections, the government took the correct steps when the global financial crisis began, Reuters reports.

Mr Serra, who is the governor of Sao Paulo state, highlighted moves such as the lowering of interest rates on loans to drive up sales of agricultural equipment, along with the introduction of various tax breaks.

"Relating to the economic crisis, the federal government acted correctly with tax reductions and measures of the BNDES," he commented.

Brazil's strong economic performance has already prompted the International Monetary Fund to predict growth of 4.7 per cent this year, followed by a 3.7 expansion in 2011.

The country's economy is also likely to benefit from upcoming events including the Fifa World Cup in 2014 and the Olympic Games in 2016.ADNFCR-1477-ID-19649845-ADNFCR

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