Brazil predicts higher economic growth for 2012
December 21st, 2011 - 1:26 pm ICT by IANSRio De Janeiro, Dec 21 (IANS) Brazilian central bank president Alexandre Tombini said Tuesday the country’s inflation rate will be lower and economic growth higher in 2012 than this year.
In the first 11 months of this year, Brazil accumulated an inflation rate of 5.97 percent. The inflation target set for both this year and next year is 4.5 percent with a two percentage point tolerance, which means the inflation rate cannot exceed 6.5 percent, reported Xinhua.
Tombini said though his country is not immune to the world economic crisis, it still has some room to manoeuver.
In the first three quarters of this year, Brazil registered a 3.2 percent economic growth rate and the government believes the economic growth rate for the whole year will stand at 3.2 percent.
However, financial market economists in Brazil say the country’s economic growth rate for this year will be below 3 percent.
Commenting on the state of the US and European economies, Tombini said that the US has experienced a rise in consumption but it is based on a reduction in savings, rather than the growth of domestic market.
The central bank president also said that Europe will have low growth in the coming months, with some countries undergoing recession.
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- Fitch reduces Brazil's GDP growth projection - Dec 13, 2011
- Lowered inflation may spur growth: Brazil - Apr 06, 2012
- Brazilian finance minister upbeat about economy - Nov 24, 2011
- Brazilian economy grew 2.7 percent in 2011 - Mar 07, 2012
- Brazil's accumulated GDP slows - Jun 04, 2011
- `Brazil ready to tackle ripple effects of eurozone crisis' - May 23, 2012
- Brazil to tackle economic crisis by more investment - Sep 03, 2011
- Brazil's jobless rate hits nine-year low - Dec 23, 2011
- Industry group lowers Brazil's 2011 growth forecast - Oct 12, 2011
- Fitch maintains Brazil's investment rating at BBB - Oct 26, 2011
- Brazil's unemployment rate reaches record low - Jan 27, 2012
Tags: bank president, brazil, brazilian central bank, consumption, economic crisis, economic growth rate, europe, european economies, inflation rate, inflation target, market economists, percentage point, recession, rio de janeiro, three quarters, tolerance, xinhua