Brazil has resumed growth track, says finance minister

Wednesday, 22 January 2020 00:36:54 (GMT+3)   |   Sao Paulo
       

Brazil has resumed its growth track, according to the country’s finance minister, Paulo Guedes, in a statement from the ongoing World Economic Forum in Davos, Switzerland.

Guedes said Brazil’s GDP should see a growth of 2.5 percent in 2020, year-on-year, following a 1.2 percent year-on-year growth in 2019.

Guedes said the local government is working to reduce public spending, as the Bolsonaro administration seeks social security reform. According to a media report from Valor, Guedes expressed confidence that Brazil can achieve pension reform this year.

Guedes reportedly met executives from Swiss bank UBS, steelmaker ArcelorMittal, Visa and oil producer Chevron, as well as Canadian pension fund CPPIB.

“Everyone believes Brazil goes the other way the world is going. The world is decelerating (economic growth), but Brazil is strengthening its growth,” Guedes said.


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