Credit Suisse’s Brazil growth forecast of 1.5% this year “a joke” said Mantega

Friday, June 22nd 2012 - 07:46 UTC

Full article 4 comments

Finance minister Guido Mantega said the latest release from investment bank Credit Suisse forecasting Brazil’s 2012 GDP growth at 1.5%, was “a joke”. Read full article

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briton
, Suisse’s this years “joke” said Mantega

Justa joka
.
Jun 22nd, 2012 - 12:39 pm - Link - Report abuse 0
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rnbgr
A littl sensitive perhaps
Jun 22nd, 2012 - 01:18 pm - Link - Report abuse 0
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briton
perhaps yes .
Jun 22nd, 2012 - 09:24 pm - Link - Report abuse 0
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ChrisR
He may well regret these words looking at the overall situation in Brasil:

1) Iron ore sales fell off a cliff (the first drop since 2002);
2) Automakers being 'supported' by a three month subsidy - anyone remember cash for clunkers? Brasil are about to forward buy three months of the market, and then stall it for six once the price rises work through;
3) world glut of corn hitting sales / exports and reducing income;
4) Petrobras having to obtain higher prices for fuel to fund the vast amount of finance needed to develop the offshore oil deposits. Up to now an anathma for Brasil - no rises since 2008;
5) Senior trading partner (Argentina) playing silly buggers with imports / exports and generally screwing the economy up big-time which has, and will further, impact on the economy of Brasil;
6) still NO EU trade deal despite lots of talking / 'promises';
7) 10% devaluation of the Real (for now, it may get worse) - this does NOT impress foreign investors for obvious reasons.

Many countries try to mess with Mr. Market and invariably come a cropper - it may well be the turn of Brasil to learn that lesson.
Jun 23rd, 2012 - 04:15 pm - Link - Report abuse 0
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