(Reuters) – Amid successive reviews of the country’s growth rates for next year by economists, Economy Minister Paulo Guedes said this Monday in Dubai that Brazil is becoming a “paradise” for entrepreneurs, with lower interest rates and increased activity favoring investments.
At the opening of the “Invest in Brazil” forum, Guedes defended that, in this new moment, the UAE would be ideal partners to invest in Brazil and highlighted that the “recycling of petrodollars” can be applied in projects like the Port of Santos.
“Brazil is becoming a paradise for entrepreneurs. Interest rates are lower, the economy is growing faster, and the growth axis will be the private sector, this is the great transformation that we will make in Brazil”, said Guedes.
He reiterated that Brazil was one of the economies that suffered the smallest declines from the pandemic, and one that recovered the fastest. “We are also growing above the world average,” said Guedes.
The International Monetary Fund (IMF) forecasts that the world will grow 5.9% in 2021 and 4.9% in 2022, according to the most recent estimates released in October. For Brazil, the projections are lower – increases of 5.2% and 1.5%, respectively.
In recent weeks, major banks have revised downwards the country’s growth estimate for 2022, with some institutions, such as Credit Suisse and Itaú, predicting a retraction in activity in the face of persistent inflation, deterioration in the fiscal framework and political uncertainties, in addition to global scarcity of inputs.
The benchmark interest rate, currently at 7.75%, is on the rise, with economists predicting that the Selic will close the year at 9.25%, reaching 11% in 2022, according to the latest Focus report.
In Dubai, Guedes stated that the UAE “are ideal partners for the natural resources we have in Brazil”.
“The investment capacity shown here over the last 40 years, creating all this wealth from recycling petrodollar wealth, is what we need in Brazil. We need this partnership in Brazil, this recycling. We will be partners in the creation and recycling of these resources”, said the minister, who is taking part in President Jair Bolsonaro’s delegation on a trip to Asia.
(By Isabel Versiani; editing by Lisandra Paraguassu)
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