Government confident about Brazil's economy
Brazil's economy is likely to escape the worst effects of the global economic slowdown, finance minister Guido Mantega has predicted.
Problems in the financial and property markets have led a number of the world's most-established economies, including both the UK and US, to the brink of recession.
Like most nations, Brazil has been affected by the fallout from the worldwide banking sector crisis, but in recent months its government has unveiled a series of measures designed to support businesses and ensure the economic progress of the past few years is not wasted.
Mr Mantega told the Senate's economic affairs committee that he is confident they will work.
"For now, activity levels haven't come down. I believe there will be a slowdown in consumption and in activity level in Brazil. But we will not have a recession," he explained.
The minister's positive prediction came just days after Banco Bradesco and Banco Itau, two of Brazil's biggest private-sector banks, reported increased profits.
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