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Wednesday 20 January 2010

Brazil economy in best position yet

Posted Wednesday 20 January 2010 - 09:52:47

Brazil's economy is in the strongest position it's ever been, with growth in 2010 expected to reach at least 5 percent, Central Bank President Henrique Meirelles said on Wednesday.

'In a nutshell, after several decades of low growth and macroeconomic vulnerability Brazil's economy is in the strongest macroeconomic position ever,' Meirelles said in a conference call with reporters.

The country's industrial production also has room to rise without pressuring capacity utilization, he added.

'If we look at capacity utilization, it's moving up, but below the level pre-crisis,' he said.

Brazil exited a six-month recession last year ahead of many more developed economies. The country's benchmark stock index, the Bovespa, rose almost 83 percent in 2009.

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