Brazil’s economy is likely to grow by 4%
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“Brazil’s e
conomy is likely to grow by 4% coming into the second half of the year” Says Alexandre Tombini, president of Brazil’s Central Bank.
Brazil is a very much closed economy and only 12% of GDP accounted for is in exports. Whilst the global crisis has had some affect on Brazil’s economy, payroll tax breaks and drastically cut interest rates are having the desired affects for the local economy.
Many companies are putting their money into Brazil. Foreign direct investments are “very strong” according to Tombini. In the last 12 months Brazil’s economy received $64 Billion in FDI, which puts Brazil in a good position with no need for external financing to pay its bills.
Source: Forbes
