A slowdown in the U.S. economy won't have a major impact on Brazil, in part because of the diversity of Brazil's export markets, central bank governor Arminio Fraga said Jan. 26. "Scenarios of economic deceleration, without a major crisis or anything extreme, are manageable for us," Fraga told reporters on the margins of the World Economic Forum in Davos, adding that the chances of such a crash are "very improbable."

The U.S. accounts for around 20% of Brazilian exports, which means other parts