MercoPress. South Atlantic News Agency

Brazilian economy overcomes recession and expands at “Chinese rates”

Over a million jobs created in the ten months of 2009

Brazilian president Lula da Silva stated that Latinamerica’s largest economy not only has left the global crisis behind, but also in the third quarter has expanded at a “Chinese rate”, close to 9%.

In his weekly column published in regional dailies Lula da Silva revealed about the Brazilian economy third quarter growth rate and the creation of a million new formal jobs so far “which is evidence that the crisis for Brazil is over”.

“Among the several indicators which have created a very positive climate, I would like to mention that in the midst of the world’s worst crisis in seven decades, we managed to create a million new formal jobs and GDP in the third quarter, has grown at Chinese rates, close to 9%”, he underlined in the column.

The third quarter growth rate had already been anticipated by Finance minister Guido Mantega who said the Brazilian economy was “already expanding at an annualized 5%” after having been in “technical recession” until the first quarter of 2009.

The employment data was released by the Ministry of Labour which stated that in the first ten months of the year a total of 1.163.607 new jobs had been created, in spite of the global crisis.