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Brazil urges sustained growth to solve debt crisis

09-28-2011 14:34 BJT

BRASILIA, Sept. 27 (Xinhua) -- Brazil's Central Bank on Tuesday warned that the plight in the world's debt-ridden economies may linger for years and said sustained economic growth is the best solution.

Central Bank President Alexandre Tombini told members of the Senate that the United States, the European Union and Japan will continue to face difficulties in reducing their massive public debt for the next five years.

"Measures to tackle the crisis is being delayed," Tombini warned. He said the solution to the problem is sustained economic growth and urged Brazilian lawmakers to do their best to achieve it.

Tombini also cited the stressful fiscal situation as another factor why efforts to sustain the economic growth is important in reducing debt.

"As we have a stressful fiscal situation, with slow growth, the capacity to decrease the size of the debt is low," he said.

The world is still suffering the consequences of the 2008-2009 financial crisis and the ensuing protectionist measures have caused the world's economic problems to become even more complex, according to Tombini.

Considering all external factors, the Central Bank forecasts the country's economic growth to be moderate while annual inflation to be under the official goal of 4.5 percent.


Editor:Zhang Rui |Source: Xinhua

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