Brazilian economy ‘will grow above global average’
The Brazilian economy is in a strong enough position to hold up against the current financial challenges and will expand above the global average this year, according to an expert.
Henrique Meirelles, president of the country’s central bank says Brazil has $200 billion (£143 billion) in net foreign reserves which will allow it to survive despite the "scarcity of international finance", Reuters reports.
"Brazil is confronting this crisis in a better position than in the past and more advantaged than many other regions of the world," he claims.
Mr Meirelles adds that financiers are currently reviewing forecasts, but estimates that economic growth will be above worldwide averages as domestic demand continues to rise, according to the news provider.
Last month, economists in Brazil predicted that the central bank will cut interest rates by a percentage point this month, lowering the Selic from 12.75 to 11.75, according to Bloomberg.
