Production receives US$ 2.75 billion in May
O Estado de S. Paulo
The good winds that are blowing in the Brazilian stock market again have also achieved the productive sector in May. The data disclosed yesterday by the Banco Central (BC), the Brazilian Central Bank, showed Brazil has received US$ 2.75 billion in direct foreign investments (IED, in Portuguese) in the period - more than twice the value absorbed by the Country in May/2008, when US$ 1.3 billion entered the domestic market. This year, however, the capital inflow is 17% below the inflow verified last year: US$ 11.2 billion compared to US$ 13.98 billion.
Despite the fall, economists celebrated the result of May. In their assessment, the international environment in the beginning of 2008 was much more positive compared to the current scenario. "In view of this more adverse scenario, the expectation of receiving US$ 25 billion in foreign resources this year is a very positive number", emphasizes the economist Antonio Corrêa de Lacerda, professor of the PUC-SP (Pontifical Catholic University of São Paulo). That means there will be a retraction of nearly 40% in relation to the US$ 43 billion that entered the country in 2008.
The good mood of the investors in relation to Brazil is due to the good perspectives of the domestic economy, different from what happens with the developed countries. "The result of the foreign investments shows how important it is to have an economy with good expectations of growth", analyses the professor of Unicamp (University of Campinas), Júlio Gomes de Almeida, former secretary of Economic Policy of the Ministry of Finance.
The maintenance of foreign money in Brazil, even though at lower levels in comparison with last year, represents the confidence the investors have in the Country, emphasizes the economist of the National Confederation of Commerce (CNC), Carlos Freitas Thadeu. He comments that the return of liquidity in the world benefits Brazil, since the return rates are too high, at nearly 15%, whereas in the world average they do not exceed 10%.
They recall that, besides the direct investment the foreign investors have also returned strongly to the Brazilian stock exchange, what has been pushing the price of the Dollar. Yesterday the American currency closed the day at R$ 1.963. "The investors returned to bet in Brazil. Even with the reduction of the Selic (Special system for settlement and custody) rate the real interest rate continues high", says the PUC professor.