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Brazilian president vows to get country "back on track

Xinhua, October 17, 2016 Adjust font size:

Brazilian President Michel Temer vowed Sunday to get his country "back on track" of growth to leave behind its profound economic recession.

He added that predictions showed Latin America's largest economy was likely to begin growing again in early 2017.

In a speech on Sunday at the BRICS Summit in Goa, India, the Brazilian president highlighted the fiscal reform program being carried out by his government, according to a statement released by his office in Rio.

"We have already begun to reap the rewards. Brazil begins to get back on track. The forecasts for the Brazilian economy in 2017 have already improved. The International Monetary Fund estimates that Brazil will leave the recession and start to see GDP growth by next year," he told a closed-doors meeting of BRICS leaders (Brazil, Russia, India, China, South Africa).

"Inflation has been giving in; in September this year, we saw the lowest rate for the month since 1998. It is possible to see a positive reversal of expectations, with an undeniable rise in the confidence levels of economy agents," explained Temer.

In a call for investment from BRICS companies, Temer outlined how his government had worked to restore growth and create jobs, improve regulatory frameworks and enhance legal certainty for new investments.

"The BRICS partnership may foster interaction between our businesspeople, leading to more integration between our economies," he pointed out.

Later, at a BRICS business summit, Temer hailed Brazil's economic recuperation and invited the executives present to invest in the country.

"We are committed to improving the business environment. We are reducing bureaucracy in the process, lowering operations costs and attentive to predictability and judicial security. We have already launched a partnership program, based on stable rules. There are 34 initial projects in the areas of ports, airports, highways, railways, energy and oil and gas. The regulatory agencies will return to play an effective supervision role," Temer told those in attendance.

After participating in the BRICS Summit, Temer will visit Japan on Oct. 17-18, the first visit by a Brazilian president to Japan in 11 years. He will meet with Prime Minister Shinzo Abe before meeting with business leaders. Endit