Brazil: One Country That Might Avoid A Recession
TIME -- According to a recent study by the Paris-based Organization for Economic Cooperation & Development (OECD), Brazil may be the only one of 34 major economies that avoids recession in 2009. While the U.S. debates whether to nationalize its crippled banks, Brazil's remain comparatively sound. Oil companies worldwide are slashing investment, but Brazil's state-run Petrobras is going ahead with a four-year, $174 billion expansion plan. "Brazil," Lula boasted to TIME, "is riding the current crisis better than many developed countries."
"Lula" is President Luiz Inácio Lula da Silva, and most Brazilians believe he's the reason their country is surviving the current downturn better than other places.