Brazilian Finance Minister Guido Mantega Tuesday dismissed the report of the U.S. Federal Reserve Bank, which labels Brazilian economy as "one of the most vulnerable" as it has suffered greatly from capital flight.
Mantega said the assessment was incorrect because Brazil is equipped for changes in the global economy, such as the Fed's decision to end its economic stimulus.
"Brazil is ready for this transition and for a new cycle of growth in the global economy," he said.
"We are among the economies that had the most growth, even though no one had magnificent growth," he noted, adding that his country has extensive foreign exchange reserves.
On the same day, Central Bank President Alexandre Tombini said that his institution has been working hard to halt growing inflation and the move is "largely successful."
He told reporters at a press conference that the bank was taking steps to bring down the inflation rate in 2014 and in subsequent years.
"The impact of what we have done so far to control inflation has yet to be felt. We are doing our homework, fighting inflation. We have been largely successful," he said.
Overall in 2014 the Brazilian economy is predicted to grow 2.3 percent, equal to or slightly higher than the final number expected for 2013, he added.