The Brazilian government expects the economy to expand by 3 percent or more this year, Finance Minister Henrique Meirelles has said.

Mr Meirelles told US television channel CNBC that the Brazilian economy grew by about 1.1 percent last year.

He attributed his optimism to the prospect of reform of the pension system and elections due this year.

The International Monetary Fund forecasts that the Brazilian economy will expand by 1.9 percent this year and by 2.1 percent in 2019.