Brazil’s Economy Minister Minimizes Economic Retraction

Paulo Guedes said that the government expected the bad first quarter's results and that he is confident that revival is imminent. "We need reforms precisely to resume growth."

By Richard Mann, Contributing Reporter

RIO DE JANEIRO, BRAZIL - After the GDP decline recorded in the first quarter, Economy Minister Paulo Guedes said on Thursday, May 30th, that the economy would only react once the Social Security reform was approved.

"The retraction is nothing new for us; we have always said that the Brazilian economy is stagnant. The interventionist model has knocked down growth rates in Brazil. The economy is at a standstill, waiting for reforms . . .

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