Guido Mantega, the Finance minister of Brazil, said that the global crisis has a "very low cost" for the finances of Latin America's largest economy, which last week officially announced the end of recession.
"Our fiscal cost was very low, between US$ 15 billion and US$ 30 billion. It was cheap," said Mantega in an interview with O Estado de S. Paulo, one of the country's leading newspapers.
Data released last week showed that the Brazilian economy expanded 1.9% in the second quarter of 2009, following two negative quarters. Brazil's stimulus plan, tax rebates and soft loans to several industries demanded expenditure "in the range of 1% to 1.5% of GDP. Very cheap".
President Lula was the first to congratulate Brazil for the speed with which the country managed to overcome recession. "The country was really more prepared than the rest of the world to face the economic crisis," he repeated during several official ceremonies.
Mantega ratified President Lula's comments: "some countries were up to the neck in the crisis, others to the waist, while Brazil thanks to its macroeconomic solidness was just to the ankle."
The Finance minister said that Brazil will end 2009 with 1% positive growth.
São Paulo's Stock exchange closed 0.67% higher this Tuesday, September 15, at 59,263 points, the biggest value this year.
Meanwhile the American dollar kept going down, closing the day at 1,807 Brazilian reais per dollar, the lowest level this year.
The Ibovespa, the Brazilian stock exchange main index, has grown 101% since the Brazilian market on October 27 of last year hit its lowest: 29,435 points.
Mercopress/Bzz