Central Bank President: Labor Market Will Not Rebound as Fast as Business Activity

According to Campos Neto, society has demanded a sustainable and inclusive recovery. In his perspective, the economic growth of the next years will need to be promoted with private money.

RIO DE JANEIRO, BRAZIL - Central Bank President Roberto Campos Neto said on Monday, November 9th, that the labor market will not rebound as fast as economic activity after the novel coronavirus pandemic.

The monetary authority head said in a virtual event promoted by The Economist magazine, that the technological advance during the crisis was so fast that it impacted labor allocation, particularly of casual workers.

"Consumption is rebounding and so is the GDP [Gross Domestic Product], but the labor market is not. That's because technology has advanced so fast that there has been little time to reallocate the workforce . . .

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