Finance minister: Brazilian economy shows signs of improvement

Special Report:Global Financial Crisis

RIO DE JANEIRO, March 5 (Chinese media) -- Brazil's Finance Minister Guido Mantega

said on Thursday that the country's economy is showing signs of improvement,

though still small.

"It does not mean the crisis was overcome and that problems are over. It

means we can see a light in the end of the tunnel," he said in the capital

Brasilia.

According to the minister, the commodity prices, which had fallen sharply,

are already showing a slight increase in the international markets, a good sign

for Brazil as commodities are the bulk of the country's exports.

Another sign of recovery, he said, are the car sales figures, which

increased this year thanks to a cut in the Tax over Manufactured Products (IPI)

since last December.

Meanwhile, some other industrial figures have showed improvement as well.

The indicators of industrial activities in the southeastern state of Sao

Paulo, which were down 13.1 percent in December, were up 6.2 percent in January,

said the minister.

Sao Paulo gathers about 40 percent of the Brazilian industry. The state's

good figures are usually a sign of better results in the country's industrial

production.

Mantega's optimistic stance also takes into account the job market in the

country. The January figures, though still negative, showed that the Brazilian

companies started hiring again, and by March the unemployment figures are likely

to show more hiring than dismissals, he said.

Mantega warned that despite all the efforts, Brazil is not completely

shielded against the effects of the financial crisis. He stressed that the

country is still undergoing a shortage of credit, especially for small and

medium-sized companies.

"The cost of credit is still too high. We must bring it down so that the

economy can roll again," he said.

Finance Minister: Brazil to be 1st

country to recover from economic crisis

RIO DE JANEIRO, March 4 (Chinese media) -- Brazil's Finance

Minister Guido Mantega said on Wednesday that his country will be the first to

recover from the international financial crisis.

"Brazil was the last country to suffer a growth

deceleration and I am sure that, due to the conditions we have, it will be the

first one to leave this crisis behind," he said. Full story