February 02, 2010
Brazil's nascent economic recovery will take firm root and prove to be sustainable for many years to come, Brazilian Central Bank President Henrique Meirelles said Tuesday.
"We are not just seeing growth, we are seeing a long-term tendency toward growth," Meirelles said at an investment seminar in Sao Paulo, Brazil's largest city and its financial and industrial hub.
Meirelles said Brazilian economic growth this year is being led by business investment, a factor that will help solidify the recovery.
"Brazil has hit the ground running following the recent economic crisis," said Meirelles. "The recovery is proceeding at a rapid pace."
The central bank has forecast economic growth in 2010 of 5.8% following growth of near zero in 2009.
Meirelles said the recovery will begin to be reflected in job creation later this year. "Unemployment is in decline and there is evidence that the decline is structural and permanent," he said.
By: Tom Murphy
Source: The Wall Street Journal
Brazil's nascent economic recovery will take firm root and prove to be sustainable for many years to come, Brazilian Central Bank President Henrique Meirelles said Tuesday.
"We are not just seeing growth, we are seeing a long-term tendency toward growth," Meirelles said at an investment seminar in Sao Paulo, Brazil's largest city and its financial and industrial hub.
Meirelles said Brazilian economic growth this year is being led by business investment, a factor that will help solidify the recovery.
"Brazil has hit the ground running following the recent economic crisis," said Meirelles. "The recovery is proceeding at a rapid pace."
The central bank has forecast economic growth in 2010 of 5.8% following growth of near zero in 2009.
Meirelles said the recovery will begin to be reflected in job creation later this year. "Unemployment is in decline and there is evidence that the decline is structural and permanent," he said.
By: Tom Murphy
Source: The Wall Street Journal
