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June 08, 2015 - 02:21 ( Brasília )

Finance Minister - Brazil's Recovery Will Be Slow, Brick by Brick


 

RAUL JUSTE LORES
FROM WASHINGTON

 

 

Finance Minister Joaquim Levy said the recovery of the Brazilian economy would be "slow, brick by brick" in a debate on Monday (1st) on the prospects of the Latin America economy at the headquarters of the International Monetary Fund (IMF) in the US capital.

In a short conversation with reporters, Levy said the second half of the year is "very likely" to be "more favorable" for the Brazilian economy if the "necessary measures are taken quickly. This involves the response of the private sector," he added.

The roundtable that Levy participated in at the IMF also had the undersecretary of the American treasury, Peru's Minister of the Economy and economist Carmen Reinhart in attendance.

But all questions from the audience, made up of investors and authorities from international organizations (the press was unable to attend), were directed at Levy.

"Everyone wants to know what's going on with Brazil. Seventh largest economy in the world, putting things in order, the president managed to pass laws that Brazil needs to go back to growing," he said.

Asked why the rest of Latin America is growing more than Brazil, the minister said that it is time to focus more "on the supply side of reforms."

"For a long time it was thought that it was enough to support demand, have incentives, but that was no longer moving things forward" and now is the time "for prices to stay in the right place."

On the market's pessimism with Brazil, he said it was "normal." "In general, there is a period when you dive, then you recover, and there are some discussions taking longer than originally planned in Congress and elsewhere."


  Pedro Ladeira/Folhapress  
Brazilian Finance Minister, Joaquim Levy
Brazilian Finance Minister, Joaquim Levy


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