Following a meeting with local authorities, IMF staff claim the Arab country is on track to growth and economic rebound, but needs to reduce its deficit and create jobs.
Author: From the Newsroom
The Organization for Economic Co-operation and Development claims the country is in recession and estimates the economy should contract by 2.8% in 2015 and 0.7% in 2016.
Heightening exports and imports was the topic of meetings between the Brazilian foreign minister Mauro Vieira and local authorities in his visit to Lebanon.
An international meeting on tourism and communication will take place in November in the Arab country. It is an attempt to regain the trust of foreign tourists in the wake of terrorist attacks.
Mauro Vieira will go through an official schedule in the Arab country. This Monday, he took part in a ceremony with Navy officers that rescued refugees in the Mediterranean Sea.
Exports from the country exceeded imports by US$ 888 million last week. In the first week of September there was a surplus as well. Month-to-date, the surplus stands at US$ 1.4 billion.
FAO’s international price index dropped 5.2% in August from July. The US dollar hike relative to Brazil’s real drove down sugar prices abroad and contributed to the decline.
The day after Standard & Poor’s lowered the country’s risk rating, the US currency closed at R$ 3.85 for sale and the São Paulo stock exchange index dropped 0.33%. Petrobras also lost its investment-grade status.
Brazil sold US$ 134.5 million worth of product to the Arab world from January to August this year, a 4.67% increase from a year ago.
Watch in this episode a report about the online certification process developed by the Arab Chamber.
Decline in global prices of the commodity will impact exports and tax revenues in the Arab country, says the IMF. For the Fund, the nation should focus on the development of the private sector.
The Brazilian Development Bank (BNDES, in the Portuguese acronym) is providing financing for wind farm projects in the states of Ceará, Rio Grande do Norte and Rio Grande do Sul, with 480 MW of capacity.
The Brazilian balance of trade showed a US$ 544 million surplus last week. Average daily exports and imports increased over August, but declined over September 2014.
The decline took place in August from a year ago. In August from July of this year, foreign sales of motorcycles increased by 9%.
