Mantega think pessimistic IMF forecast for growth … – Jornal do Brazil

Mantega think pessimistic IMF forecast for growth … – Jornal do Brazil

The finance minister, Guido Mantega, considered pessimistic growth forecast of 0.3% for the Brazilian economy this year, announced on Tuesday (7) by the International Monetary Fund (IMF). He said the recovery of economic activity in the second half will lead the country to close 2014 with higher growth.

For the minister, the IMF estimates were influenced by the low growth of the world economy, marked by slow recovery in the United States and the maintenance of low growth in Europe. He still believes that the weak performance of the economy in the first half interfered in the projection.

“The projection seems pessimistic from the background. We had a weaker first half, but we are seeing recovery of the Brazilian economy in the second half. Starting in July, we have a moderate acceleration of growth, “said Mantega.

The minister showed several indicators that show the recovery of production and consumption in the second half. He said vehicle sales jumped 13.7% in September, and supermarket sales increased 2.53% above inflation in August.

According to Mantega, another factor contributing to the low growth in the first half was the increase in interest rates by the Central Bank to hold down inflation. According to Mantega, the stabilization of price indices allow the monetary authority announced measures that will increase the volume of credit, as the compulsory reduction and improvements in regulation.

“We have several indicators that there is return of credit with the reduction of compulsory and increase [the term] of payroll loans. The credit is returning quickly, leading to moderate economic growth until the end of the year, “he said.

Highlighting the stagnant global economy, the minister blamed the international economic scenario greater weight in the IMF forecasts than internal factors. “Of advanced economies, only the United States and the UK are growing. Japan stopped growing, Germany is struggling. There are people wanting to attribute these phenomena to Brazilian problems, but are global problems, “he said.

According to the minister, the government will give the economy at the end of the year in strong position with low debt, high international reserves and unemployment to a minimum. “Unlike other countries, we have healthy economic parameters. The employment level is high, the consumer market intact, and payrolls growing. It is a privilege of Brazil while many countries are facing unemployment and falling wages, “countered.