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Brazilian economy to grow 6.5% in 2010: OECD
Date: 2010/5/27 Click: 1158
The Organization for Economic Cooperation and Development (OECD) on Wednesday revised up its projection for Brazil's economic growth rate to 6.5 percent in 2010.

The figure is much higher than its previous estimate of 4.8 percent.

Despite recent cuts in expenditures and a tightening of monetary policy, investment in infrastructure will help Brazil grow in 2010, said the OECD.

In 2011, the Brazilian economy will grow 4.5 percent, up from 3.7 percent in the previous projection, it said.

Last year, due to the effects of the international financial crisis, the Brazilian economy contracted 0.2 percent.

The OECD was not the only institution to predict a high growth rate for Brazil in 2010. In the most recent Focus market survey, the Brazilian financial sector projected a growth of 6.46 percent for this year. The Brazilian government's most recent estimate is a growth of 5.5 percent.

The other countries in the BRIC group -- Brazil, Russia, India, and China -- are undergoing a solid expansion as well, and will register positive figures this year, said the OECD.

The economy of Russia will grow 5.5 percent, India 8.2 percent, and China 11.1 percent.

The OECD also revised up its estimate for the global economic growth this year from 3.4 percent to 4.6 percent.
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