Brazil economy ‘will grow by 3.5% in 2009′
The Brazilian economy will grow 3.5 per cent next year as the country rebounds from the global economic crisis, according to a market report.
Figures from the country’s central bank suggested that gross domestic product (GDP) will expand by at least 2.5 per cent in 2010, Brazilian property investors may be pleased to learn.
The report said that Brazil’s GDP will register a fall of 0.34 per cent this year.
Institutional relations minister Jose Mucio Monteiro told state news provider Agencia Brasil that the contraction was much less than global average, adding that this was reassuring, according to Agence France Presse.
"It shows we are facing the crisis with a forecast of finishing this year in positive territory, with a forecast of creating new jobs, with an economy again showing signs of warming up," he added.
Brazil’s central bank forecasted that inflation will remain at 4.5 per cent in 2009, matching the target set by the government.
The figures follow a report by major Latin American bank Itau Unibanco Holding, which predicted last week that the Brazilian economy will expand by four per cent this year, according to Bloomberg.
