The Brazilian government has dismissed concerns about high inflation and insisted that the economy is experiencing a sustainable rate of growth.

Finance minister Guido Mantega stated that the economy in the South American nation is expanding at a steady rate and attracting a lot of investment as a result, Xinhua reports.

He described Brazil as one of the most attractive and "dynamic" countries in which to invest, as it is seeing the creation of new jobs, revenues and "vigour".

This, he stated, "makes it unnecessary to worry so much about the inflation rate".

Mr Mantega added that the implementation of a new development model has helped to put Brazil on a "path of sustainable development".

Newsweek recently praised Brazil for its resilience in the face of a downturn in other major economies, as it is continuing to perform strongly.

The news provider said the country's economy is accelerating without overheating.

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