Brazilian labor minister says financial crisis not to affect job market

Special Report: Global Financial Crisis

RIO DE JANEIRO, Oct. 20 (Xinhua) -- Brazil's Labor Minister Carlos Lupi said on Monday that the country's employment situation will not be affected by the ongoing global financial crisis.

The minister said the Brazilian government estimates that 2.1 million new jobs will be created in 2008, and another 1.8 million in 2009.

At a meeting with other labor ministers from the Common Market of the South (Mercosur), Lupi said the crisis is serious, but has yet to force Brazilian export companies to cut jobs.

"This crisis is affecting the world now, but there is no time for it to affect the export companies yet. There is much speculation, and many people are trying to make money with the crisis. It is necessary to stay calm and trust the Brazilian economy, which is going very well," he said.

According to Lupi, the Brazilian Central Bank is taking all necessary steps to "inoculate" Brazil against the crisis in a "firm, efficient and quick manner."

The minister denied reports that the meeting with other Mercosur labor ministers was an emergency summit in response to the crisis, saying it had been scheduled earlier.

During the three-day meeting, the Mercosur labor ministers would discuss cooperation measures to realize decent work conditions and expand the fight against child and slave labors.

At the end of the meeting, the ministers will sign an agreement to reaffirm the commitment to make progress in political discussions with the Andean Community of Nations (CAN) and intensify the debate about job creation.