Brazil's economy is ready for a new cycle of growth over the coming years spurred by "the right adjustments," Finance Minister Guido Mantega said Tuesday.
During the 2008 global economic crisis, "Brazil moved in the opposite direction from most developed countries. While they cut public spending and investment, we devised a policy that maintained GDP (gross domestic product) growth, and generated jobs and revenue," Mantega said when presenting an economic outlook report.
In 2014, Brazil's economy is expected to grow by a scant 0.2 percent, much below the government's initial forecast of 2.5 percent.
The Finance Ministry blamed the lackluster growth on such factors as the international crisis, the 2014 FIFA World Cup, food price variation due to a prolonged drought, and the basic interest rate increase.