Brazilian Finance Minister Guido Mantega yesterday spoke to the country’s House of Representatives and again emphasised the good news, as he saw it, about the economy.  Mantega told critics and supporters alike that Brazil has a strong economy (the world’s seventh largest in terms of GDP) and a healthy level of international reserves.

Mr Mantega reminded the House that since the world recession started seven years ago the country has recovered well. The economy has grown nearly 18%. The number of people actually in employment in Brazil is at near-record levels and poverty has shrunk, unlike in many other countries, including European ones.