RIO DE JANEIRO, March 18 (Xinhua) -- Brazil's economy is "resilient" and less vulnerable to global turbulence for most of the time, Nobel Prize-winning economist Paul Krugman said on Tuesday.
Addressing a seminar in Sao Paulo, Krugman said that Brazil has managed to emerge from the international financial crisis well and the concern over the state of its economy is not justified.
"Brazil's economy has remained resilient for most of the time" since 1999, Krugman noted. "The government keeps a low inflation rate while adopting more responsible fiscal policies. The economy is not likely to collapse like before."
Krugman expressed his confidence in Brazil's future development, adding it has huge foreign exchange reserves.
However, Krugman's statement is much different from that of the U.S. Federal Reserve Bank, which, in a recent report, described Brazil's economy as fragile.