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No short-term solution to economic crisis: Brazilian minister


13:19, July 05, 2012

RIO DE JANEIRO, July 4 (Xinhua) -- Brazilian Finance Minister Guido Mantega said Wednesday there is no short-term solution to the current global economic woe, which is no less serious than the 2008 global financial crisis.

"We must be aware that we are going through a very serious crisis, which will not be solved in the short term," he said.

Mantega noted that Brazil was better prepared to deal with the economic crisis than it was in 2008, due to its experience and solid fiscal foundation.

He reaffirmed his belief that the Brazilian economy will perform better in the second half of 2012 than in the first, with a projected growth of 3.5 to 4.0 percent.

Second-quarter GDP growth figures have yet to be released, but in the first quarter, the Brazilian economy only grew 0.2 percent quarter-on-quarter.

Meanwhile, its industrial production fell for the third consecutive month in May, but a better performance is forecast for June.

From the beginning of the year, the government has adopted a series of stimulus measures to boost production. Last week, it unveiled a purchase program favoring local products.


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