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Weekly Report - 6 November 2008 (ISSN 1741-7422)
BRAZIL: Financial crisis prompts growth review
The global financial crisis has led the government to review its
economic growth forecast for next year, although even the most pessimistic
analysts say there is no threat of a recession. But, for a country that expected
economic growth of 5% next year, the revised market forecasts for 2.5% to 3%
growth in 2009 point to a considerable slowdown - which is already being felt in
the real economy as credit becomes less available. Although the Brazilian
banking system remains healthy, the announced merger of Banco Itaú, Brazil's
second largest bank, with Unibanco, the third largest, to create the southern
hemisphere's biggest bank reveals some concerns.
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