Brazil discloses data on economic recovery to G20

Brazil is resuming sustainable growth, minister of economy Paulo Guedes said on Thursday (Oct 13), in Washington (USA). In several different meetings with G20 countries – a group of the 20 largest economies on the planet - he presented data on the country's economic recovery and reaffirmed Brazil's role in supplying food and energy to the rest of the world.

"I bring good news from Brazil. We are resuming sustainable growth, our own growth dynamics. Growth estimates have been revised upwards all the time," the minister said in the US capital. Besides the G20 meetings, Guedes will participate this week in the annual autumn meetings of the International Monetary Fund (IMF) and the World Bank.

Throughout this week, the minister made four presentations at G20 meetings. The Gross Domestic Product - GDP (the sum of goods and services produced) should grow 3 percent in 2022, and maintain this pace for a long period, Guedes explained. For him, the fact that the IMF has revised, from 1.7 percent to 2.8 percent, its forecast for GDP growth this year is proof of the good times the Brazilian economy is going through.

According to Guedes, Brazil´s federal public spending fell from 26 percent to 18.7 percent of the GDP in the last two years, and the unemployment rate fell from 14.9 percent to 8.9 percent, in the same period. The minister informed that the gross public debt stands at around 77 percent of the GDP, the same level as before the pandemic.

For him, Brazil has shown agility in facing the COVID-19 pandemic, by offering emergency aid to states and municipalities. “This has helped the country to be growing today. The fact that the Brazilian Central Bank has started to raise interest rates before most of the world helps to fight inflation,” he added.