Brazil's economy hits rock bottom says economy ministerChristian Fernsby ▼ |
LatAm Economy Minister Paulo Guedes
Brazilian Economy Minister Paulo Guedes said that the Brazilian economy has hit rock bottom and the government cut down the projections of its gross domestic product (GDP) growth for 2019.
Guedes said the Brazilian economy awaits the Congress' approval of the reforms proposed by the government, saying that is the only way to save the country's economic situation.
With Congress approval, the government will announce more budget cuts until the end of this month in order to fulfill the fiscal target for a primary deficit of 139 billion reals, the minister said.
The minister also said that when the budget plan for this year was approved, the projection of GDP growth for 2019 was 2.5 percent. However, the projection has been reviewed down to 1.5 percent, he said. ■
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