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Brazil emerges from recession

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by Kay Mitchell

Brazil has followed Japan, Germany, France and Hong Kong by exiting recession after experiencing positive growth in the second quarter.

The economy, which is the largest in Latin America, grew by 1.9% in the April to June quarter compared with the previous three months. The growth was better than analysts had expected.

The second quarter growth means that Brazil’s recession was short-lived – amounting to just two quarters of negative growth.

In order to boost economies and drag them out of recession, many countries have implemented stimulus packages. However, Brazil elected to pump money into large-scale public infrastructure projects, as well as Government tax breaks and sharp cuts in interest rates.

Furthermore, analysts say that the economy has been sheltered from a prolonged recession due to the country’s solid banking system.

Meanwhile, the Brazilian government said inflation had slowed in August to an annual 4.4% – the rate is just slightly below the central bank’s target of 4.5%.

In other news, it has been reported that Sweden has emerged from recession.

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News posted: September 11, 2009

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