Brazilian economy strong, says finance minister

Brazilian finance minister Guido Mantega announced yesterday that the South American country's economy is relatively strong.

Perhaps highlighting the potential of the nation as a property investment opportunity, Xinhua reports the government representative as saying the country is on "solid bases".

This comes in spite of the global credit shrinkage, which has been affecting other countries across the world since last summer.

In his speech, Mr Mantega referenced to Brazil's 195 billion USD (96.69 billion GBP) reserves and how there is currently "great trust" in the country's economy.

He also said that Brazil property has been "guarded" from events that have hit other countries.

"All analysts are unanimous in saying that Brazil is a place where things are going well, where companies and banks are solid," the minister is reported as saying.

The Latin Business Chronicle reported this week that real estate in Brazil has shown positive growth over the last seven years, buoyed by a strong economy.