Philips confident of Brazilian economy’s recovery, likely to shrink by 1.2% due to higher inflation & falling currency

Philips is confident of economic recovery in Brazil and is forecasted to shrink by 1.2% this year amidst higher inflation and a relaxed currency. According to a spokesperson from Philips, they are firm on continuing operations related to health technology and innovating in Latin America. The company has restructured its functions lately into three main segments: Philips Consumer Lifestyle, Philips Healthcare and Philips Lighting. The spokesperson also stated that currently company is focusing on the innovations. Visiq, the portable ultrasound device for expectant mothers, is an example of the innovation and the company plans to use this device in the remote areas of Brazil. The product is expected to be in the market by 2016.