Brazil GDP ‘will grow by 1.3 per cent’
Brazil’s gross domestic product (GDP) is forecast to grow by 1.3 per cent this year, contrasting predictions that other major economies will contract.
A report from the Bank of America and Merrill Lynch shows that altogether, Latin American economies are expected to expand by 0.7 per cent in 2009, according to MercoPress.
Felipe Llanes, economist with Merrill Lynch Latinamerica, says Peru will see the largest expansion, of 4.1 per cent, while Argentina and Chile’s GDP will grow by 1.6 per cent, the news provider reports.
"Annual growth in most countries of the region will bottom out in the third quarter of 2009, although for a few it will extend until the fourth quarter", the joint review said.
The prediction follows a similar forecast by the president of Brazil’s central bank, Henrique Meirelles.
He said the country has $200 billion (£143 billion) in net foreign reserves which will help it to survive the recession, Reuters reported.
