Brazil’s President Says Economic Turnaround Depends on What U.S. Does
The recovery of Brazil, Latin America’s largest economy, depends on a strong rebound in the U.S. economy, President Dilma Rousseff said Monday.
“We need to see how the crisis evolves,” Rouseff said in an interview with the Globo television network. “If the U.S. economy continues to evolve, as it is doing, I think Brazil might move onto another stage, and then there will be no need for so much government stimulus.”
The United States is Brazil’s second-largest export market, and the leading foreign investor in Brazil, with accumulated foreign direct investment of $79 billion in 2012.
The U.S. economy emerged from its longest and deepest recession in almost eight decades in 2009 and has since been growing at a steady, but slow pace.
Brazil’s gross domestic product grew 2.7 percent in 2011, 1 percent in 2012 and 2.3 percent in 2012, and analysts are forecasting GDP growth this year of around 0.30 percent.
Official figures show that Brazil’s GDP fell 0.60 percent in the second quarter, marking the second consecutive quarter of contraction and putting it into what analysts consider a “technical recession.”
Brazil has implemented a “defensive economic policy” to weather the international crisis and to shift into an “offensive economic policy” it has to wait for a more robust recovery in the United States, Rousseff said.
“We are in a defensive posture,” Rousseff said. “We need to protect jobs, wages and investment. We bet on a boost that will allow us to change into an aggressive posture.”
Although there are signs of economic recovery both in the United States and Europe, the president said, the global economic outlook is uncertain and marked by risks of a substantial reduction in the pace of China’s growth.
Published in Latino Daily News
Source: http://www.hispanicallyspeakingnews.com/latino-daily-news/details/brazils-president-says-economic-turnaround-depends-on-what-u.s.-does/31198#When:16:19:30Z
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