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Brazil Seeks to Secure 2.5% Growth With Latest Stimulus

Wall Street Journal - Jun 27, 2012

Brazil's government ordered another round of stimulus Wednesday in hopes of securing economic growth this year of at least 2.5%.

The latest measures, announced by Finance Minister Guido Mantega in the presence of President Dilma Rousseff, will inject 8.4 billion Brazilian reais ($4.1 billion) into the economy by speeding up government purchases of equipment in a host of areas. The government will buy school buses, farm equipment, squad cars for police and rail cars for subway systems, among other items, "on an accelerated basis," the minister said, noting that factory orders for the goods will be dispatched almost immediately.

"This isn't the first, and it won't be the last, measure we take," Mantega told reporters following the announcement.

Brazil's government has been adopting stimulus measures since the end of 2011, a year which saw a disappointing economic expansion of only 2.7% after torrid growth of 7.5% in 2010.

Measures have included a systematic ratcheting down of interest rates, a rise in availability of government consumer and business credit and a series of tax cuts favoring durable consumer goods. Brazil's Selic base interest rate now stands at 8.5%, down from its 2011 peak of 12.5%.

Read Full Article from Wall Street Journal

- Posted: 2012-06-27 14:42:44


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