Brazil’s economy expanded at its fastest pace in eight years in the third quarter of 2004, up 6.1% on the same quarter a year ago and faster than the 5.6% recorded in the second quarter. Having dipped into recession in 2003, the economy is firmly in recovery mode.
President Luiz Inácio Lula da Silva told reporters he was optimistic that South America’s largest economy was on a path of sustainable growth, a belief that many economists share. Successfully managing the business cycle is the job of Henrique de Campos Meirelles, governor of the Banco Central do Brasil, the country’s central bank. His transparent and responsive approach to monetary policy wins him The Banker’s title of Central Banker of the Year for the Americas.
