Seoul, South Korea -- (SBWIRE) -- 09/02/2010 -- Brazil’s economic output dipped a tiny 0.2% in 2009 and is on course to grow by about 6% — well above the 4.5% or so that many economists regard as the potential or noninflationary rate — in 2010. Industrial production, retail sales, employment, business and consumer confidence are all on the way up. Consumer price inflation is seen rising to 5.4% a year, 90 basis points above the government’s target of 4.5%. Brazil’s IPCA consumer-price index stood at 5.22% in the 12 months through mid-April. In order to control inflationary expectations, Brazil’s central bank has increased the country’s reference lending rate by 75 basis points. The Selic rate is 9.50% now and may be increased by another 100 basis points by the end of 2010 if inflationary pressures remain.
Strathclyde Associates: Taking A Look at Brazil’s Economy - Brazil and India have called Beijing to revalue its currency, the yuan. Both Indian Central Bank Governor Duvvuri Subbarao and his Brazilian equivalent, Henrique Meirelles, have called on China to appreciate the yuan. Earlier, Singapore Prime Minister Lee Hsien Loong said the world needed a stronger yuan. Bank of Japan Governor Masaaki Shirakawa suggested that China should “eventually” let its currency appreciate.
Strathclyde Associates: Taking A Look at Brazil’s Economy - Brazil awarded a contract to build and operate the world’s third-largest hydroelectric plant on a tributary of the Amazon River, amid vocal protests by environmental activists. Brazil is pushing ahead with the project despite questions about its impact on the environment. Brazilian authorities argue that relying on hydropower is better for the environment than burning other sources of energy like coal or fuel oil.
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