More on my CHANNEL!!! President Lula and his economic team implemented prudent fiscal and monetary policies which have been credited with helping shield Brazil from the worst of the global financial crisis of 2008 and 2009. That said, Brazil’s economy did not escape the crisis unscathed. After posting growth rates of 5.7% in 2007 and 5.1% in 2008, Brazil’s GDP dropped 0.2% in 2009. Several steps were taken by the government to minimize the impact of the crisis, including injecting more than US 0 billion of additional liquidity into the economy, providing tax cuts to manufacturers and consumers, and reducing Central Bank interest rates. Brazil emerged from the global financial crisis in 2009 and economic growth is estimated to reach 7.1% in 2010. A more sustainable growth level, in the range of 4.5%, is predicted for 2011. Brazil is now a net creditor nation, and the 2008-2009 financial crisis notwithstanding, has in recent years experienced sustained growth, strong exports, healthy external accounts, moderate inflation, decreasing unemployment, and reductions in the debt-to-GDP ratio. Brazil holds investment grade status from the major rating agencies. Significant challenges still remain in the Brazilian economy. The total tax burden is high, income distribution remains skewed, and the private business community complains of burdensome regulation. Annual interest rates for consumers (on credit cards, for example) can be as high as 150%. Brazil is generally open to and
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Mr. Cletus Springer, Director of the Department of Sustainable Development of the OAS provides a brief overview of the Ministerial process and the importance of consultations with social actors. ___ El Sr. Cletus Springer, Director del Departamento de Desarrollo Sostenible de la OEA provee una breve descripciĆ³n del proceso ministerial y de la importancia de las consultas con los actores sociales.
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