BRAZIL-ECONOMY Brazil’s economy minister says economy is poised for growth in 2016

Record ID: 136224

  • Title: BRAZIL-ECONOMY Brazil’s economy minister says economy is poised for growth in 2016
  • Date: 5th October 2015
  • Summary: RIO DE JANEIRO, BRAZIL (OCTOBER 05, 2015) (REUTERS) ***WARNING CONTAINS FLASH PHOTOGRAPHY*** BRAZIL'S FINANCE MINISTER, JOAQUIM LEVY, SPEAKING WITH OTHER OFFICIALS DURING EVENT ON THE ECONOMIC GROWTH LEVY LEVY BEING PRESENTED AT THE EVENT VARIOUS OF LEVY SPEAKING WITH BRITAIN'S COMMERCIAL SECRETARY TO THE TREASURE, JIM O'NEILL, BEFORE TAKING PODIUM TO SPEAK VARIOUS OF LEVY
  • Embargoed: 20th October 2015 13:00
  • Keywords:
  • Location: Brazil
  • Country: Brazil
  • Topics: General
  • Reuters ID: LVA7I9IOCFS72P8180NVZ4WDSW0J
  • Aspect Ratio: 16:9
  • Story Text: Brazil's finance minister said a strong 2016 budget, which includes an unpopular tax on financial transactions, will set the country up for sustained growth in 2016.
    Finance Minister Joaquim Levy made the comments outside the Twenty years of the Concession Law meeting in Rio de Janeiro on Monday (October 5) at Rio's Fundacao Getulio Vargas (FGV).
    "The fastest resolution possible for the 2016 budget, is a budget that will provide us with security that we have the necessary recipe which will really bring us to growth in 2016," Levy said.
    As part of the budget, Levy defended the revival of a financial transaction tax known as CPMF saying it will be an important element to bring the country back to growth.
    "So, we are doing 1, 2 and 3. By setting the budget we will see the economy growing quickly, interest rates falling, because there will be less risk in the economy and try to, for the short term, avoid a short spurt (of growth), because want we want is fast and lasting growth now," he said.
    However, Levy said the unpopular tax would only be temporary and serve as a bridge to bring the country back to positive growth numbers.
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