RIO DE JANEIRO, Brazil (ICIS)--Pochteca sees green shoots sprouting in the Brazilian economy, signs that it has bottomed out and started to recover after one of its worst recessions ever, the executive director said.
Inflation continues to fall as well as Brazil's Selic interest rate, said Eugenio Manzano, executive director of Pochteca. He made his comments during an interview on the eve of the annual meeting of the Latin American Petrochemical Association (APLA), which begins on Sunday.
Inflation in October was 2.7%, marking yet another month in which it fell below the central bank's target of 3.0-6.0%.
Low inflation has allowed the central bank to lower interest rates to 7.50% from a high of 14.25%.
"That will foster growth in the economy," Manzano said. "We believe it is going to continue."
The APLA annual meeting runs through Tuesday.
Interview article by Al Greenwood