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Brazil Property News: Brazil weathering financial storm
12th February 2008 04:19
Brazil looks set to weather the current global economic slowdown, prompted by the US sub-prime lending crash last year.
According to Brazilian finance minister Guido Mantega the country is expected to achieve an investment-grade credit rating in 2008, Reuters reports.
"We still haven't felt any major impact in Brazil, we haven't felt a slowdown. That doesn't mean there won't be one, but until now there hasn't been anything concrete," he explained to reporters.
The largest economy in Latin America has experienced some volatility in financial markets amid concerns of a global recession and further uncertainty could impact on investment in the emerging economy.
However, Mr Mantega insists that Brazil has a "robust domestic market" with steady inflation and good fiscal discipline that will drive the economy forward despite global economics and help to attract investment.
The minister acknowledged that the country's economic growth could slow slightly if global markets worsen and but stated that he believes in "strong growth in 2008 despite the turmoil" of around five per cent over the year.
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