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RIO DE JANEIRO, Feb. 21 (Xinhua) -- Brazilian Finance Minister Henrique Meirelles said Tuesday the recession affecting the country over the past two years is over and the economy has resumed growth.
However, the largest economy in South America is still experiencing the consequences of the long recession, he said.
"Brazil is growing today. This is very important because we all went through a tough time when Brazil faced its worst recession in history. But the important message is that the recession is over, though we are undergoing its consequences in many ways," said Meirelles.
"It was a long, difficult recession. It has generated mass unemployment. But Brazil has already started growing," he added.
Meirelles believes the current growth trend is sustainable as indicators have showed the business sector's confidence has begun to grow for the first time since 2011.
Still, many states are faced with a serious economic crisis and depending on federal aid to pay their civil servants.
In Brazil, the Economic Activity Index of the Central Bank is widely regarded as an indicator of the GDP figures and the index shows that the economy contracted as much as 4.3 percent last year. The country's 2016 GDP figures have yet to be released.
