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Homes Go Fast

Lula Predicts Brazil Growth in 2009

Following his recent visit to the US, Brazilian President Luiz Inacio Lulada Silva said that he expects his country to grow in 2009 despite the financial crisis that is enveloping much of the rest of the world. His US trip comprised a visit to the White House and a talk with President Barack Obama. He also made a trek to New York City, where he participated in a business seminar.

“While most rich countries dive into a recession, Brazil will keep on growing," Lulu said. "In 2009, we will grow less than we would have liked to, and less than we could have if not for this external crisis. But we will grow."

President Lula indicated that Brazil was in a better position to handle the crisis than many other countries because the economy was strong and in good order prior to the problems that led to the crisis. While remaining optimistic about the future, he also said that he is aware of the seriousness and importance of the crisis.

The Brazilian government has estimated that the country’s economy will grow 4 percent for 2009, and Lula criticized those who are predicting a lesser amount of growth: “These banks did not get it right about their own situation, let alone Brazil's situation," he said.

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