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Brazil Confident It Will Grow Above World Average

Meirelles The Brazilian economy is in a strong position to weather the financial crisis and will grow above the global average this year, Brazil's Central Bank President Henrique Meirelles said on Sunday in Portugal.

"We are in the process of reviewing our forecast but our estimate is that we will grow above the global average," Meirelles told journalists during a meeting of Ibero-American finance officials in Portugal.

He said Brazil's economy was in a strong financial position, with US$ 200 billion in international reserves. "This will allow the country to face scarcity of international finance," he said.

The government has said Brazil would grow 4% this year while economists think it may be closer to 1.5%.

"Brazil is confronting this crisis in a better position than in the past and more advantaged than many other regions of the world," he said.

Brazil was growing strongly but has been hit by the financial crisis as it experienced a sharp fall in the commodities it sells to the world, both in volume and prices.

However Meirelles said domestic demand which is a significant component of the country's economy, continued to grow.

Latin America's Finance ministers and Central Bank presidents have met over the weekend in Portugal to coordinate the region's position for the coming international G-20 summit to be held in London in a month's time.

The meeting is Ibero-American, since Spain and Portugal are also participating. However at G-20 Latin America will be represented by the three largest economies of the region Brazil, Mexico and Argentina. Spain and Portugal will not be present at the London summit.

Mercopress

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  • Show Comments (9)

  • Augustus

    Mercusul is dead – or dying
    With the disagreements between Brasilia and Buenos Aires, the disatisfaction of Montevideo, the recent tariffs raised by Assuncion, not to mention the Looming presence of Caracas, I can SCARCELY imagine anything else, short of Mercosul’s death….

  • ch.c.

    “DonÀ‚´t cry for us Mercosul……….”
    Or dont cry for us UNSURE (UNASUR)

    Augustus
    I am myself a fervent reader of articles in Bloomberg.
    My only advice is…take the economists predictions with a lot of salt.
    After all, were they right in the middle of last year with their predictions for end 2008 early 2009 ? Smiles
    This is not only the pro/against Brazil in particular but in general the world over or any individual country in particular !
    Therefore I enjoy reading these articles because there is sometime interesting “details or stats” but I always draw my own conclusions.

    And as to part of the article you mentionned “Latin AmericaÀ¢€™s biggest economy suffered record job losses in December”
    Welll, let me refresh facts
    November unemployment 1,8 million, unempl. rate 7.2 %
    December 654’000 jobs lost
    All the above were from Brazilian Government OWN stats….not mine !

    That should make unemployment at 2’454’000 at the end of December ! RIGHT…OR NOT ?

    Welll if you remember our agreement/disagreement at that time, Brazil GOVERNMENT stated that by the end of December total unemployment stood at 1,6 million and rate at 6,8 % DOWN from 7,2 in NOVEMBER !

    As I stated so many times, Brazilians are cheaters, liars and hiders. Hopefully you understand my views and arguments.
    The funny thing is that Noooooooo article whatsoever from economists or financial “experts” , Brazilian or foreign, have written
    even a word about these famous Brazilian STATS MANIPULATION !
    Hopefully you also understand why I am telling…read with a lot of salt….whatever you read…in Bloomberg and/or elsewhere.
    Millions of LIARS, JUNKIES, INCOMPETENTS AND INNEFICIENTS PEOPLE are at governments, regulators, lawmakers, supervisory agencies, MEDIAS, Managements of the World largest financials companies.

    And hundreds of millions junkies around the world take their words as true and granted, be it in Brazil or elsewhere !

    Even Obama with his great long term budget plan is laughable.
    Using his own numbers and estimates, assuming ALL his proposals are accepted, by 2019 the U.S. total debts will DOUBLE TO $23 TRILLION……FROM THE ALREADY EXTRAVAGANT HIGH 2009 estimates.
    And he was warmly applauded !!!!!!

    Hmmmmm 😀 😉 😀 😉 😀 😉 😀 😉 😀 😉 😉

  • Augustus

    Some contradictory facts… (BLOOMBERG)
    According to the following editorial, Mr. Henrique Meirelles lied… thus confirming ch-c multiple accusations…

    [quote]Brazil Industrial Output May Drop for Third Month: Week Ahead
    By Iuri Dantas
    March 2 (Bloomberg) — BrazilÀ¢€™s industrial output probably fell for a third straight month in January, the longest streak of declines in five years, as the global financial crisis cuts demand for Brazilian exports.
    Brazilian industrial production fell 9.8 percent in January compared with the same month last year, according to the median forecast in a Bloomberg survey of 11 economists. Factory output plunged 14.5 percent in December, the most in 17 years.
    À¢€œBrazilian industry will have to rely on domestic demand and government measures,À¢€Â Renato da Fonseca, executive manager of the National Industry Confederation, said in a phone interview. À¢€œItÀ¢€™s hard to see a recovery in the first half of the year that will be strong enough to compensate for the drop we had in December.À¢€Â
    Latin Americaˢ۪s biggest economy suffered record job losses in December as Brazilian companies cut production to adjust for lower demand. The government is seeking to counter layoffs with tax cuts and will try to revive economic growth by building one million homes by 2010.
    Slowing output may lead policy makers to cut the benchmark interest rate by a full percentage point to 11.75 at their March 10-11 meeting to help boost the economy, a central bank survey of about 100 economists said.
    Declines in output may be tempered by a recovery in auto sales, Eduardo Yuki, chief economist at BNP Paribas Asset Management in Brazil, said in a phone interview. À¢€œItÀ¢€™s hard to imagine another substantial fall in industrial production like we had last year.À¢€Â
    Brazil in January posted its first monthly trade deficit since 2001 [/quote]

  • Augustus

    Statement made at a Comedy show perhaps?
    Surely there must have been a “misprint”…
    He must certainly have been JOKING at such a time after having enjoyed more than three glasses of Champagne…

  • João da Silva

    [quote]Dont worry for them ! [/quote]

    You have a point there,Old chap. They could all form a chorus, imitate Evita Peron and sing together “DonÀ‚´t cry for us Mercosul……….” 😀

    I bet you have heard this song. 😉

  • ch.c.

    I am yet to hear them saying #6, Jon !!!!!
    Dont worry for them !
    With whatever they put on the side with their corruptions practices their pensions are only for pocket money.
    And this despite getting high pensions.

  • João da Silva

    [quote]Things we do not need to hear from economists/politicos[/quote]

    I am yet to hear them saying #6, Jon 😉

    Re #5: If the world average is[i] minus[/i] 5% (-5%) and a country grows by [i]minus [/i]4% (-4%), that country is above the world average. 😉 😀

    Econometrics is an interesting subject, wouldn’t you agree ?

  • Anderson

    4%
    i dont see a 4%, but it would sure be good!!

  • jon

    Things we do not need to hear from economists/politicos
    #1) “The fundamentals are strong”

    #2) “What crisis???”

    #3) “Just keep shopping”

    #4)….we are going to stimulate the economy

    #5) ..”we will grow above the world average..whatever that is..”

    #6) “well, my pension is fine..”

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