Brazil's President Dilma Rousseff has said that the country would tide over the ongoing crisis by increasing consumption and investment.
"We will beat this crisis by consuming, investing, creating new companies, lowering taxes, planting and harvesting the fruits of the work of the country's agricultural sector," Rousseff said Friday.
Rousseff said though the winds from the developed world were unfavorable, Brazil would manage to tide over the crisis, and added that the country's forex reserves are now larger than in 2008 and that the domestic market is also bigger, reported Xinhua.
"I want to assure that Brazil has full conditions to face this moment of turmoil which has been sweeping the developed economies," she said, noting that Brazil managed to leave the 2008 financial crisis behind faster than other countries.
Brazil's GDP grew 0.8 percent in the second quarter of 2011 compared to the first quarter, reaching 1.02 trillion reais ($622 billion), the country's statistics agency IBGE announced Friday.
Brazil's GDP was up 3.1 percent. The figures were the second lowest among BRICS countries (Brazil, Russia, India, China and South Africa), continuing a downward trend from the second quarter of 2010.
Finance Minister Guido Mantega said the second quarter's slowdown was expected, and represented the result of the government's efforts to tackle inflation, a major concern in the first half of the year.
Mantega expected a similar result in the third quarter, but said Brazilian economy would grow more in the fourth quarter and reach a growth rate of some four percent in 2011.