Loading ...News - Brazil’s Meirelles Says World Crisis Won’t End ‘Soon’
Jan. 30 (Bloomberg) - Brazilian central bank President Henrique Meirelles said the global economic crisis won’t end “soon.”
The first simultaneous recession in U.S., Europe and Japan since World War II is near its “middle part,” Meirelles said in a Bloomberg Television interview in Davos, Switzerland today.
The global crisis has constrained lending and provoked a worldwide economic slump. Meirelles said the U.S. economic stimulus package “has a lot of chance” of working.
“It could work, I hope it does,” Meirelles said.
Latin America’s biggest economy stalled in the last quarter of 2008 as industries scaled back output to adjust to lower demand, unemployment rose and federal revenue decreased. The central bank last week cut the benchmark interest rate by the most in five years to 12.75 percent from a two-year high, to stimulate a flagging economy.
Meirelles said Brazil’s economy is growing above global levels.
Source: Bloomberg.
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