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Brazil is coming out of the recession

Written by thomas · Filed Under Commercial 

September 2, 2009

thomas

According to Brazil’s Finance Minister, Guido Mantega, the country has come out of the crisis and is on the beginning of a new development situation. He stated: “Brazil was one of the last countries to feel the effect of the global crisis and one of the first to come out. We are already leaving negative growth indexes behind; we are at the beginning of the development of a growing economy.” He also said that inflation is below the estimates of the Central Bank, with a margin of 4.5% for 2009, and he expects to end the year with two percentage points below that estimate. The country entered the recession with $205 billion in reserves and this month reached $213.7 billion. He also pointed out that the state-owned banks played a major role in providing credit which has definitely helped, while private banks “were very conservative in extending credit; in fact if it were not for the public banks the recovery would have been more difficult.”

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