Brazil, the Least Affected by Global Economic Crisis

Brazilians According to a survey by the Organization for Economic Co-operation and Development (OECD), Brazil is the country that suffered the least with the world economic crisis. According to the document, the Brazilian economy saw a reduction of only 2.9 points and its activity was rated as being "in decline."

The survey, based on figures pertaining to November last year, points to a "sharp slowdown" in the European Union, Asia, the United States and large emerging economies. The survey includes the 30 OECD member countries and five other important economies that are not part of the group, among them the so-called BRIC countries – Brazil, Russia, India and China.

The OECD index, which consists of an average of different economic indicators, revolves around 100. The OECD rates as expanding economies those that have rising indexes and above 100.

Economies with indexes above 100, but showing a trend of decreasing activity, are considered to be in decline. Countries with indicators below 100, but rising, are rated as in recovery. In turn, those with indexes below 100 and retracting economies are defined as in slowdown.

Brazil is the only country that maintained a rating above 100 throughout the second half of 2008. In November, the OECD index stood at 101.2 points, as against 102.3 in October, 103.2 in September, 103.9 in August and 104.1 in July.

Russia was the worst performing country in November. At 89.8 points, its index was slightly higher than China's, but represents a decrease of 13.8 points in comparison with the same period of last year.

As was the case in nearly every country, the slowdown has intensified since July. In China, the index was 88.5 – 12.9 points below the average of economic indicators as of November 2007. In India, the slowdown in November stood at 7.6 points compared with the same period of the previous year.

All of the large world economies also recorded "sharp slowdown" rates, with indexes below 100 since July.

The world's largest economy, the United States recorded an index of 92.2 points in November, representing reduction of 8.7 points compared with November 2007.

In Japan, which has the world's second highest Gross Domestic Product (GDP), the decrease was of 5.5 points in comparison with the same period of the previous year, and the index in November was 93.7 points. In Germany, the third in the global ranking, the OECD index stood at 91.6 points – a decrease of 10.7 points.

The outlook was not too good in the Eurozone countries. The reduction compared with November 2007 stood at 7.6 points, with an index of 94.3 points. Considering the five leading Asian economies (China, India, Japan, Indonesia and Korea), economic activity decreased by 9.5 points, earning an index of 91.6 points.

In turn, the OECD member countries recorded a slowdown of 7.3 points in comparison with November 2007, having recorded a combined index of 93.8 points.

Export Record

The Brazilian state-controlled oil and gas multinational Petrobras attained record high exports of oil produced in Brazil in December. Sales during the month totaled 19.2 million barrels of oil, i.e., an average of 620,000 barrels a day, 46,000 more than the previous record high, of 574,000 barrels a day, attained in October 2008.

According to the company, 63% of exports were destined to the United States. Another 21.4% went to Europe, 5.4% to South America, 5% to Asia and 5% to the Caribbean.

Exports in December generated revenues of US$ 574 million, to be collected in January and February this year.

ABr

Tags:

Ads

You May Also Like

Accord Between Manufactures Should Stop Brazilian Invasion of Argentina

Manufacturers from Brazil and Argentina have reached a tentative agreement that will privilege the ...

US dollar falling face the Brazilian real

Dollar in Brazil Falls to Almost 7-Year Low

Foreign investments in Brazilian stocks and bonds keep making Brazil's currency, the real, stronger ...

Brazil Has Never Seen Its Key Interest Rate So Low: 10.25%

The Central Bank of Brazil cut its benchmark interest rate Selic for a third-straight ...

Brazilian Women Are Main Victims of Sex Slavery in Europe

Data from the International Labor Organization (ILO) show that, last year, 2.4 million people ...

How Cuba Fits into Brazil’s Plans

An agreement with Cuba is consistent with the Mercosur’s strategy of building a Community ...

After Africa State Channel Brazil TV Wants to Reach the US

The government of Brazil has just launched its international Public Broadcasting Service with the ...

Brazil Expects to Resume Space Program in Three Years

The Alcântara Base in the northeastern Brazilian state of Maranhão should be ready for ...

Brazil Refuses to Pay for Those “Who Turned World into Giant Casino”

Brazil's President, Luiz Inácio Lula da Silva, said during his visit to India that ...

Brazil Wants Less Red Tape and More Effective International Help to Haiti

Haiti is in need of a new form of international cooperation, with a focus ...

World Bank Offers a Helping Hand in the Brazilian Northeast

An agreement signed Thursday, July 14, with the World Bank (IBRD) assures the transfer ...