OECD criticizes Brazil’s industrial policy, says more is needed

Jeffrey T. Lewis – Dow Jones Newswires/Nasdaq, 11/282011

The Organization for Economic Cooperation and Developed has criticized Brazil’s recently-unveiled industrial policy, and the country needs to do more to improve competitiveness.

The so-called Brasil Maior plan “may provide short-term relief” for manufacturing companies but “will not be sufficient to reduce the cost disadvantage of producing in Brazil,” the OECD said in its latest economic outlook report published Monday.

“Further reforms to the tax system and to foster investment in infrastructure are urgently needed,” the OECD said in the report.

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