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At the annual meeting of the World Economic Forum, Finance Minster Guido Mantega affirmed that inflation was fully under control and forecasted growth of 5.5% in GDP for 2010 was a solid target. The main threats he pointed to were slow international growth and a lack of motivation for G20 nations to work together as a result of the financial crisis.  On the back of concerns with regards to potential asset bubbles emerging in Brazil (and news that China were reining in their economy), investors pulled over 500 million US dollars out of the Bovespa for the month of January.  In turn, the real hit its lowest point against the US dollar since September 2009.  Brazilian officials remained unconcerned, with Mantega saying to the ‘Globo’ newspaper: “we’re not worried with this because we have big (dollar) reserves and, furthermore, with a devaluation of the Real, our exports become more competitive.”  The OECD stated that Brazil (along with China and India) were above their long term trends (see the latest graph via this month’s factfile).  Brazil’s growing interest in Africa was demonstrated as steel giant Vale announced operations in Mozambique.  Banco do Brasil was reportedly in discussions with a number of banks and companies to arrange a loan for the Belo Monte hydropower project (on the Xingu River in the state of Pará) – further excelling Brazils place as renewable energy industry leader.  In other news, both candidates for the Presidency in October 2010 – José Serra and Dilma Rouseff – publically stated that they would continue the successful economic policies of the Lula administration.