Brazil ‘immune’ to global crunch

The effects of the global credit crunch will not impact on the economy in Brazil, according to one commentator...

Regis Abreu, an asset manager at Rio de Janeiro's Mercatto Gestao de Recursos, told Bloomberg: “The country will continue to see robust earnings growth despite the slowdown that has been prompted by the implosion of the US's sub-prime mortgage market.

Mr Abreu's comments come as Brazil's stock market enjoyed its fourth consecutive day of growth. The share prices of a number of real estate developers - such as Gafisa SA - also rose, the news agency reports.

The news follows falling interest rates and low inflation in Brazil - two factors that could also benefit the Brazilian property market - have also been credited for the turnaround in the Brazil's furniture industry, reports the IHB website.