Current official growth forecasts range from 0.4% (finance ministry) to 0.8% (planning ministry), with the central bank venturing 0.5% — already set to be the lowest in four years. Central bank president Henrique Meirelles believes the economy could grow by at least 3% next year, but says that in order to maintain that rhythm (low in terms of what is needed to create jobs and roll back poverty), Brazil will have to improve its infrastructure.
ARGENTINA | Growth outlook improves. Economy minister Roberto Lavagna says he has been pleasantly surprised by evidence that the Argentine economy will grow this year by 7.3%. He does not expect this rate to be maintained: next year's budget has been calculated on a GDP growth assumption of 4%. `Argentina,' Lavagna said last week, `will be all right in four years' time. No matter how much we may want to shorten the timespan, it won't happen earlier.'
CHILE | Jobless rate shrinks. In August-October Chile's open unemployment rate inched downwards by 0.6 points, to 8.8% — the lowest level for this quarter in the last five years. Labour minister Ricardo Solari says this means the year could end with a rate lower than the projected 8.5%; at least two well-known private economists are expecting it to reach between 7.1% and 7.3% at year-end.
Finance minister Nicolás Eyzaguirre, however, is projecting a rate of about 8% for the end of next year: he says the only way to bring it down more is with higher economic growth.
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