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IMF uncertain about Brazil's economic outlook

IMF uncertain about Brazil's economic outlookSao Paulo, Jan 26 : International Monetary Fund (IMF) chief Christine Lagarde has said she is unsure about Brazil's economic outlook despite the country's official estimate of 3.5-percent growth in 2013.

"I don't understand why Brazil's growth recovery rhythm is taking so long," Brazilian media Friday quoted Lagarde as saying at the Davos World Economic Forum.

Lagarde is not the only one to show doubt on Brazil's economic outlook, reported Xinhua.

Charles Dallara, managing director of the Institute of International Finance, said many of the world's largest banks have expressed concerns about Brazil and suggested the execution of "structural reforms" to unblock growth, believing the country is growing below its potential.

But such measures are not expected to occur in the next months since the country is currently in a pre-electoral period, ahead of the 2014 presidential elections.

Italian Prime Minister Mario Monti has said he believed the financial crisis in Europe is partly responsible for Brazil's low economic growth as Europe is a key market, playing a fundamental role in Brazilian exports. (IANS)