Brazilian economy holding up well

A spokesperson for the Brazilian Embassy in London has claimed that the country's economy is showing resilience in light of the global economic slowdown.

Paulo Wrobel, who represents the commercial section at the embassy, commented that the strength of Brazil's banking sector, industries and housing market has helped the nation to survive the recent crisis.

He said that Brazil is "like a business giant" which continues to attract large-scale investment from foreign sources, despite international financing pressures.

"One has to wait to see how 2009 will go and maybe some investors will postpone investment in certain areas, but there has been no big major postponement so far," Mr Wrobel explained.

He also said that the South American country has maintained its status as a "world leader" in deep drilling for oil and gas, which also draws a significant amount of investment from foreign companies.

US business mogul Sam Zell recently praised Brazil for its investment potential at conferences in New York and Israel.

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