Brazil slashes growth forecast to 2% for 2012

   Sep 14, 4:36 pm

London, Sep 14 (ANI): Brazil has cut its growth forecast for this year as the global downturn hits exports and rising local debt levels weigh on consumption, according to a report.

The country will grow 2% this year, down from its previous forecast of 3%, Finance Minister Guido Mantega predicted, signaling that it would be the weakest annual performance since 2009 and a sharp slowdown from growth of 7.5% in 2010, the BBC reports.

Brazil became the world's sixth-largest economy this year, overtaking the UK after the nation's economy grew 2.7% last year, official figures showed.

President Dilma Rousseff recently launched the first in a series of measures that could inject up to 50 billion dollars into the economy over the next five years, the report said.

The plan included privatising about 14,000km of railways and roads, followed by selling ports and lowering energy costs, it added. (ANI)

Revenue secretary Shaktikanta Das to participate in 'Talkathon' on New Black Money Law Aug 3, 8:30 pm
New Delhi, Aug. 3 (ANI): Revenue Secretary Shaktikanta Das and CBDT Chairperson Anita Kapur would participate in a 'Talkathon' tomorrow on the theme of New Black Money Law, being organized by the Ministry of Information And Broadcasting.
Full Story »
Wipro cited as leader in Everest Group 2015 PEAK Matrix™ for workplace services Aug 3, 6:58 pm
Bangalore/ East Brunswick, Aug 3 (ANI-Business Wire India): Wipro Ltd. (NYSE:WIT), a leading global information technology, consulting and business process services company today announced that it has been recognized as a 'Leader' by Everest Group in its report 'Workplace Services - PEAK Matrix™ Assessment and Profiles Compendium'.
Full Story »
Recapitalisation plan for public sector banks 'a positive development': FICCI Aug 3, 6:50 pm
New Delhi, Aug 3 (ANI): Commenting on the recapitalisation plan for public sector banks put out by the government, FICCI president Dr. Jyotsna Suri has said that this is a positive development as it would help meet both the capital adequacy requirements of the banks as well as help build on-lending capacity to fuel growth in the economy.
Full Story »
Commercial property investment is much more profitable, safe and stable Aug 3, 5:11 pm
New Delhi, Aug 3 (ANI-NewsVoir): Businessmen feel that contrary to the popular belief, real estate is not always a risky gamble provided the investor is well informed about market conditions, his requirements and his finances.
Full Story »
Comments

LATEST STORIES
TOP VIDEO STORIES
PHOTO GALLERY