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RIO DE JANEIRO, BRAZIL - “The economy is projected to shrink by 5.8% in 2020, followed by a partial recovery to 2.8% in 2021,” the IMF said in its annual report on Latin America's largest economy.

The report released on Monday, October 5th, revised upwards the more pessimistic forecast of a 9.1% contraction in June.

It praised the right-wing government of President Jair Bolsonaro for its “swift and substantial” response to the economic crisis prompted by the coronavirus pandemic.

The government increased health spending, boosted financial support for state governments, extended state-backed credit lines and . . .

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