Sachs: Brazil Can Grow 5% a Year, But It Needs More

Jeffrey Sachs, director of the United Nation’s Project of the Millenium, affirmed yesterday that Brazil has paid a high price for years of economic instability, but he pointed out that the country is capable of growing 5% per year.

The American economist said that, overall, Brazil paid a price for its unstable past. “And we witnessed this when there was a panic on the international market in consequence of Brazil’s country risk premium during the presidential elections.”


According to Sachs, the reason that this occurred was the country’s long history of instability.


“I think that Brazil acted correctly in that context. Containing the panic was what mattered most. If you compare the situation several years ago with the present, there has been significant development, since the government has demonstrated calm instead of panic,” he emphasized.


Although he believes that Brazil could grow at an annual rate of 5%, Sachs underscored that economic growth alone will not resolve the problem of poverty.


“Poverty also demands government investment. Growth is not enough. It has necessary to have growth together with government investment,” he said.


ABr


Tags:

You May Also Like

Value of Brazil Companies Up 130% in 2009. Compare this to 28% in the US

The aggregate value of Brazilian listed companies rose by almost 130% in 2009, according ...

Brazilians Go Back to the Streets to Protest Against Corruption

About 20,000 people took to the streets of Brasília, the Brazilian capital, during the ...

Brazilian Commander of UN Troops in Haiti Replaced After Fight with US

The Brazilian general who commands the United Nation’s peacekeeping mission in Haiti, the MINUSTAH, ...

Brazil Expecting Several Loans from Japan’s JBIC

Brazilian institutions and enterprises will sign next Friday, May 27, in Tokyo, with Japanese ...

Brazil: Rio Group Defends Social Justice and Multilateralism

The Ministers of Foreign Relations of the Rio Group have already drafted a series ...

70,000 Policemen and Firefighters Go on Strike in Rio, One Week Before Carnaval

In Rio, the military police together with the civilian police and firefighters, a total ...

British Firm Invests US$ 36 Million to Produce Quality Meat in Brazil

Company Frigo Class Alimentos is going to open an industrial plant and cattle slaughter ...

How Art Has Changed Some Brazil Favela’s Kids

Improvising, a boy gathered bits of building blocks, cement and paint to build a ...

Want to Sell to the Chinese? Brazil Can Help.

Small and medium-sized Brazilian firms interested in selling their products on the Chinese market ...

Baby Boom  &  Budget Bust 

A chance combination of prosperity, ticking biological clocks and the search for family values ...