Loading ...News - Brazil’s Economy Is Making ‘Sound’ Recovery, Meirelles Says
Sept. 5 (Bloomberg) - Brazil’s economy is making a “sound” recovery from the global financial slump as domestic demand for goods rises and access to credit returns, central bank President Henrique Meirelles said.
“The Brazilian economy is already on the recovery path, led by domestic demand,” Meirelles said in a Bloomberg Television interview today. “All the leading indicators show a sound recovery, and that is led by employment, income and domestic demand.”
Meirelles, who was in London to meet with other Group of 20 finance heads, said Brazil’s economy is recovering faster than most other countries as economic stimulus measures take effect.
“The recovery is gradual but faster than most of the other countries,” Meirelles said. “Since the measures were taken to address questions such as contraction of credit lines, the recovery tends to happen faster.”
Brazilian Finance Minister Guido Mantega yesterday said the country’s gross domestic product grew 1.8 percent to 2 percent in the second quarter compared with the first. Official GDP numbers will be released Sept. 11.
Political Path
Meirelles, Brazil’s longest-serving central bank president, said he hasn’t yet decided whether to run for office next year or whether he’ll join a political party. The decision will depend on whether he feels he can “add value” to a particular role, he said.
Meirelles, 64, previously said he may join a political party this month to be eligible to run for office in October, 2010 elections. He’s most likely to run for governor in his home state of Goias, Bank of America Corp. said in an Aug. 18 report.
The G-20 members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the U.S., the U.K. and the European Union.
Source: Bloomberg.
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