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Brazil emerging from recession, challenge to expand productivity: Govt

Although official economic growth figures have yet to be released by the National Geography and Statistics Institute, the bank's index is an indication

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Brazil | Brazil economy

IANS  |  Brasilia 

Brazil's President Jair Bolsonaro speaks with journalists as he arrives at Alvorada Palace, amid the coronavirus disease (COVID-19) outbreak, in Brasilia, Brazil
Brazil's President Jair Bolsonaro speaks with journalists as he arrives at Alvorada Palace, amid the coronavirus disease (COVID-19) outbreak, in Brasilia, Brazil

Brazil's is officially emerging from recession, and the challenge now will be to expand productive capacity, Minister of Paulo Guedes said.

"Today we received the news that is officially coming out of the recession," Xinhua news agency quoted Guedes as saying on Friday at the 39th National Meeting of Foreign Trade (Enaex), referring to the Central Bank of Brazil's Economic Activity Index, which showed 9.47 per cent growth in the third quarter compared to the second quarter.

Although official economic growth figures have yet to be released by the National Geography and Statistics Institute, the bank's index is an indication the recession caused by the pandemic has ended.

Guedes said his "working hypothesis" is that the outbreak is on the decline and a "vaccine is arriving" soon.

"is succeeding in the fight against the disease. That is a fact that is happening on the side of healthcare.

"On the side of the economy, it is a fact that is coming out of the recession," he said.

Guedes also noted public-sector workers "patriotically accepted" a wage freeze this year and in 2021 as a way to help cope with the economic impact of the pandemic.

--IANS

ksk/

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Sat, November 14 2020. 08:43 IST
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