Brazil announces $4-billion stimulus package
by The Canadian Press
Last year the economy advanced 2.7 per cent, making it the weakest among the so-called BRIC nations.
BRASILIA, Brazil—Brazil’s government is pumping $4 billion into its economy to combat stagnant growth.
The program focuses on a wide array of government purchases, from backhoes to motorcycles to military equipment.
President Dilma Rousseff says the government will use stimulus packages “without restriction” as Brazil is hit by the crisis in Europe and hobbled by slowing domestic consumer demand.
Officials say the bulk of the money will be spent this year.
Brazil’s economy grew just 0.2 per cent in the first quarter of this year.
Last year the economy advanced 2.7 per cent, making it the weakest among the so-called BRIC nations.
The government maintains a target of 4 per cent growth this year. But market forecasts put expansion at 2.2 per cent.
