Guido Mantega, Brazil’s finance minister, reacts spikily to the suggestion that Brazil suffers from “chicken flight” growth – a reference to the economy’s tendency to enjoy high growth spurts followed by tumbles to the ground.
Brazil’s economy is more resilient than other big countries and its economic development model “more consistent” too, he says.
It is a contentious position given that Brazil’s economy, until recently a market darling and many investors’ favourite “Bric”, has lurched from boom to near stagnation. The world’s sixth-biggest economy is expected to expand by just 1.6 per cent this year, after 7.5 per cent in 2010. Still, Mr Mantega says Brazil is now back on the right track, despite difficult global conditions.
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