Brazil’s Economy Hasn’t Been That Good in Decades, Says Finance Minister

Brazil’s Minister of Finance, Antônio Palocci, says that the country is going through its best growth phase in decades.

“We grew 5% in 2004 and the expansion continues. You can see that because of 1.4% GDP growth in the second quarter of this year. This is robust growth showing that we are in an important growth cycle the likes of which Brazil has not seen for decades.


“And this growth is occurring along with constant and significant drops in the unemployment rate,” said the minister.


Speaking at the Institute of Superior Studies (Inae), Palocci praised the debate that is taking place regarding institutional reform in Brazil, calling it an important initiative that will “increase, ripen and spread awareness of the role of the country’s institutions in economic and social development.”


Palocci went on to say that sound institutions that people can trust are essential to the creation of an environment propitious for sustainable growth.


Basic Basket


According to Brazil’s Dieese (a union-linked socio-economic statistics and study group), there has been a drop in the percentage of a minimum wage (300 reais – US$ 127) that it takes to buy the so-called basic necessity basket.


The percentage was 56.02% in July and has now fallen to 54.14%. For the sake of comparison, a year ago it cost 67.61% of a minimum wage to buy a basic necessity basket.


Agência Brasil

Tags:

Ads

You May Also Like

Brazil’s Unemployment Rate Rises to 9.6%

Brazilian Latin American markets advanced, with Mexican shares posting some of the region’s biggest ...

Armed Groups Continue Threatening Indians Evicted from Their Lands in Brazil

In the opinion of Brazil’s National Indian Foundation (FUNAI) adviser in the Brazilian midwest ...

Brazil’s Opposition Presidential Candidate Alckmin Has No Charisma

Brazil’s leading opposition candidate, Geraldo Alckmin, said during his party’s national convention, Tuesday, June ...

The Importance of Being Brazil

Brazil has the ninth largest economy in the world, its market size is about ...

Either Brazil Uses Its Leadership in Argentina/Uruguay Dispute or It May Lose It

Brazil could be forced to abandon its comfortable neutrality and help finding a negotiated ...

Brazil: Five Landless Dead in Attack by Hooded Gunmen

An attack on an MST (Landless Rural Workers’ Movement) campsite in Minas, Gerais state, ...

Brazil Creates Over Half a Million New Jobs. A Record.

The level of formal employment, that is, jobs with signed working papers, grew 0.87% ...

Brazil Takes First Step to Build Own Nuclear Submarine

Brazilian president Dilma Rousseff presided, on Sunday, July 17, over a ceremony in Itaguaí, ...

US Pilots and ExcelAire Sued in New York for Brazilian Air Tragedy

Another American law firm, this time, Lieff Cabraser Heimann & Bernstein, announced they are ...

Soy, Meat and Juices Give Brazil 25% Export Boost

Brazilian agribusiness exports yielded US$ 26.7 billion in the first half of this year, ...