Brazil still growing

A Brazilian official has said that the country's ongoing schemes to develop improved infrastructure and industries will not be put on hold due to the global economic slowdown.

Speaking to Construction News, director of the ministry for tourism Hermano Carvalho admitted that the financial crisis may have caused Brazil to scale back its targets slightly.

However, he also said that the country's GDP will continue to demonstrate significant growth, although at a slower rate than initially forecast.

"We are still building hotels, resorts and golf courses. We won't stop," Mr Carvalho told the website.

He added: "We expected to grow our GDP by 5% this year but have recalculated it to 2.5% to 3%. It is still growing, just more slowly."

According to Construction News, the Brazilian government plans to spend the equivalent of £143 billion on infrastructure projects between 2008 and 2012.

Data from the United Nations Conference on Trade and Development shows that foreign direct investment in Brazil increased by 20.6% last year.

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