BRAZIL TO EMERGE FROM ECONOMIC CRISIS SOONER THAN MOST

- Brazil expected to emerge from the current global sooner than most other countries, according to Governor Henrique de Campos Meirelles of the Central Bank of Brazil
- FIESP expects Brazil’s GDP to contract by at least 1% in 2009

Rio de Janeiro – “Brazil is expected to emerge from the current global crisis before the average of the world economy,” said Henrique de Campos Meirelles, Governor of the Central Bank of Brazil, during a session on responses to global economic uncertainties at the World Economic Forum on Latin America in Rio de Janeiro. He said that the future was still uncertain, but recent indicators point to a recovery in several sectors, including the automotive industry and retailing.

Meirelles added that Brazil will grow above the world average. Nevertheless, President Paulo Antonio Skaf of Federação das Industrias do Estado de São Paulo (Fiesp) said he expects Brazil’s GDP to contract by at least 1% in 2009.
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Banco Itaú Unibanco Chairman of the Board Paulo Moreira Salles argued that Brazilian financial institutions are strong and that the Brazilian banking system is well prepared to return to the market when things are back to normal in the next 12 to 18 months.