Xinhua Net Beijing on November 15 Brazilian President Michel Temer published a signed article titled "Brazil is getting back on track" on Xinhuanet.com on Thursday, explaining the Brazilian government's efforts and achievements to restore economic growth. The full text is as follows:
Michel Temer
When I took office a year and a half ago, Brazil was facing the worst economic crisis in its history, a crisis that also had a profound social impact on the country. In the face of this challenge, I have put forward a plan for transformation that does not involve populist measures. The plan includes the most extensive structural reforms of the past 30 years, underpinned by fiscal balance, social responsibility and increased productivity.
Today, the above plan is bearing visible results. Brazil's recession has been reversed and the economy has grown for two quarters in a row. Analysts forecast GDP growth of about 1% in 2017. Inflation was around 10% in May 2016, but had fallen to 2.54% in September 2017, below the inflation target. With real wages rising by more than 6 per cent, purchasing power has also risen. The base rate was 14.25% in May 2016 and is now falling. Brazil's benchmark interest rate is now 7.5 per cent, the lowest in four years, and bank spreads have fallen sharply. Lower interest rates alone have added 80 billion reais ($0.31) to the public finances.
The trade surplus also continues to break records: From January to October, Brazil's trade surplus reached $58.477bn (up 51.8 per cent from 2016); Industrial production grew 1.6% yoy (down 9.8% from May 2016); The export of automobiles increased by 55.7% year on year, and 560,000 vehicles were produced in 2017. New car sales in the domestic market rose 9.28 percent year-on-year. Brazil produced a record 242 million tons of food crops in 2017, up 30 percent from 2016. As Brazil's economy recovers, port traffic grew by 5.7% in 2017 and the domestic aviation market grew by 6.6% compared to September 2016.