IMF forecasts 7.1% GDP growth for Brazil in 2010

13:51, August 06, 2010      

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Brazil's gross domestic product (GDP) will grow 7.1 percent this year, the International Monetary Fund (IMF) said Thursday.

While explaining this projection, which is close to the 7.3 percent estimation made by Brazil's Central Bank, the IMF said that Brazil's solid economy and timely response helped contain the impact of the global financial crisis.

Specifically, the country's economic policy, which featured fiscal responsibility, exchange rate flexibility and feasible inflation rate targets, contributed to the fact that its economy has recovered from the crisis faster than many others, the IMF said.

The fund also praised the Brazilian government's decision to suspend several fiscal stimulus measures launched during the crisis, and recommended that the country keep its policy "carefully calibrated" in order to maintain stability and prevent possible overheating and excessive inflation.

The Brazilian government should also reduce spending and stage a series of reforms in order to achieve its full economic potential and increase its economy's productivity and competitiveness, the IMF said.



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