Brazil expects gradual economic recovery

Rio de Janeiro, April 3 (IANS) The Brazilian economy is showing signs of a gradual recovery in 2013 thanks to increasing investments and industrial activities, the central bank chief said.

Although the global economy would register low growth rates for an extended period, Brazil would see growth in all sectors of economy, Alexandre Tombini said Tuesday.

Services are on the rise and agriculture is expected to have a bumper harvest, he said, adding the industrial sector would recover from last year’s contraction, reported Xinhua.

Tombini also said his bank would act to curb the country’s rising inflation rate, which is projected to reach 5.7 percent this year.

To do that, some analysts expect the bank to raise its benchmark interest rate, which is currently at a record low of 7.25 percent.

Last year’s inflation rate reached 5.84 percent.

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