Brazil’s Economy Hasn’t Been That Good in Decades, Says Finance Minister

    Brazil’s Minister of Finance, Antônio Palocci, says that the country is going through its best growth phase in decades.

    “We grew 5% in 2004 and the expansion continues. You can see that because of 1.4% GDP growth in the second quarter of this year. This is robust growth showing that we are in an important growth cycle the likes of which Brazil has not seen for decades.


    “And this growth is occurring along with constant and significant drops in the unemployment rate,” said the minister.


    Speaking at the Institute of Superior Studies (Inae), Palocci praised the debate that is taking place regarding institutional reform in Brazil, calling it an important initiative that will “increase, ripen and spread awareness of the role of the country’s institutions in economic and social development.”


    Palocci went on to say that sound institutions that people can trust are essential to the creation of an environment propitious for sustainable growth.


    Basic Basket


    According to Brazil’s Dieese (a union-linked socio-economic statistics and study group), there has been a drop in the percentage of a minimum wage (300 reais – US$ 127) that it takes to buy the so-called basic necessity basket.


    The percentage was 56.02% in July and has now fallen to 54.14%. For the sake of comparison, a year ago it cost 67.61% of a minimum wage to buy a basic necessity basket.


    Agência Brasil

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