In his address to the heads of state and government of BRICS countries (Brazil, Russia, India, China, and South Africa) in India, Brazil's President Michel Temer said the outlook for Brazil's economy in 2017 has improved and the International Monetary Fund (IMF) expects the recession to be over and the global economy to grow next year. The president has also criticised protectionism.

Temer arrived in Goa, India, for the 8th BRICS Summit on Saturday (Oct. 15).

“Expectations have begun to shift positively, with a clear improvement in confidence from economic agents,” he said.

Temer noted the world is still recovering from the global financial crisis, and pointed out BRICS has stood out as a mainstay of the reform in international financial governance and established itself as a driving force and its countries as key players for economic recovery. He also pointed out that countries must resist the temptation of protectionism: “There is a lot we can do to boost trade, growth, and prosperity.”

During the summit, which ended Sunday, the countries signed agreements to strengthen cooperation in general, and customs and agricultural research in particular, according to the Brazilian Foreign Ministry's website.

Brazilian crisis

Talking about Brazil, the president described fiscal responsibility as a crucial duty and a pressing task for the government in overcoming the crisis: “It is a crucial duty because Brazil's social achievements would be at risk without that; it is a pressing task because this fiscal disarray is the chief cause of the crisis facing us.”

For the president, the solution for Brazil's economic crisis has been designed and will require the approval of a constitution amendment bill (PEC 241) that imposes limits on public spending. “It will be a combination of fiscal responsibility and social responsibility. We will fix public accounts. We are imposing a cap on expenditure that will be written into the Constitution,” he said.

Engagements

President Michel Temer will attend a working meeting with India's Prime Minister Narendra Modi on Monday (17).

On Tuesday (18), he sets off to Japan for what will be the first visit of a Brazilian head of state there in 11 years. His engagements in Japan include a working meeting with Prime Minister Shinzo Abe as well as meetings with business leaders.