São Paulo Official Sees GDP Drop Ten Percent in 2nd Quarter; Bolsonaro in Denial

"The moment we are experiencing is indeed dramatic and requires urgent and effective action," said Henrique Meirelles, São Paulo state Secretary of Treasury and Planning.

SÃO PAULO, BRAZIL - Amid the impacts of the coronavirus pandemic, the Brazilian economy is expected to contract ten percent in the second quarter of 2020 and three percent in the year-to-date, projects Henrique Meirelles, São Paulo state Secretary of Treasury and Planning.

"The moment we are experiencing is indeed dramatic and requires urgent and effective action," he said on Wednesday, March 25th.

To his projection, the former Minister of Treasury in the government of Michel Temer uses the official estimate of infectologists on the length of the crisis, with the peak number of cases in April . . .

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