Brazil's economy to grow 7.5 to 8 percent in 2010: minister

November 5, 2010 10:18 am 

RIO DE JANEIRO, Nov. 5 — Brazilian Finance Minister Guido Mantega said on Thursday that the country's GDP will expand 7.5 to 8 percent in 2010.

"This year we will grow between 7.5 and 8 percent. It will be the best year in the two terms of Lula's government," the minister said.

If the forecast is confirmed, the 2010 growth rate will actually be the highest in 25 years. In the first half of the year, Brazil's GDP grew 8.9 percent year on year.

After attending the first cabinet meeting following Sunday's presidential election, Mantega reiterate that Brazil will try to reach a collective solution on exchange rate in the upcoming G-20 summit next week in Seoul, South Korea.

The minister also criticized the quantitative easing announced by the U.S. Federal Reserve, saying putting more dollars into the market will not generate any sort of growth.

Mantega said that he is not against increasing the credit and cutting interest rates. According to him, however, those measures must be combined with stimulus to consumption and job creation. (PNA/Xinhua)

ALM/ebp

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