Brazil’s 2021 GDP will grow 5% to 5.5% in the year – Economy Minister

RIO DE JANEIRO, BRAZIL – Minister of Economy Paulo Guedes on Wednesday (7) said that Brazil will grow by 5% to 5.5% this year, praising the recovery of the Brazilian economy amid the coronavirus pandemic.

Projections for the 2021 GDP pointed out by Guedes on Wednesday were higher than recent Ministry of Economy’s forecasts or even the Minister’s himself. In a hearing at the Chamber of Deputies, Guedes said Brazil is surprising the world.

On May 18, the Ministry of Economy had raised its GDP growth projection this year to 3.50%.

About a month ago, when analyzing the country’s economic recovery and the recent upward revision of projections by institutions for this year’s GDP, Guedes again raised expectations. He said that the portfolio is still conservative in its calculation, “between 4% and 5%” for GDP in 2021.

Guedes was initially called by the Chamber Oversight and Control Committee to talk about divergences in pension data pointed out by Federal Audit Court (TCU) officials, but completed his intervention mainly talking about the government’s performance in the pandemic.

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