Mantega Says IMF Forecasts for Brazil Economy Seem Pessimistic

Brazilian Finance Minister Guido Mantega said the International Monetary Fund’s reduced growth estimate for the country’s economy was “too pessimistic” and that a lack of credit has curtailed expansion this year.

The world economy will grow 3.8 percent next year, compared with a July forecast for 4 percent, after a 3.3 percent expansion this year, the Washington-based IMF said. The fund estimates Latin America’s biggest economy will expand 0.3 percent this year, down from July’s estimate of 1.3 percent.