Brazil's GDP to shrink in 2015, finance minister admits
Finance Minister Joaquim Levy admitted Tuesday (Apr 14) that the country's gross domestic product (GDP) should close out the year with a negative variation. He avoided mentioning numbers, but said the ministry has incorporated the estimated GDP decline into its official forecasts.
“That's the evaluation of the market today. In our documents, we use data from the market. That's the tradition we've adopted,” Levy said. He also commented on the report issued by the International Monetary Fund (IMF), which estimated the country's GDP to shrink 1% this year. In the minister's view, the most important issue addressed by the document is not the estimates for economic activity, but the support given to the fiscal adjustment measures implemented this year.
“I think what's striking about [IMF's report] is the importance given to Brazil's fiscal adjustment, that should be carried out as quickly as possible—also because we have to grow again. It's a very consistent message in Rousseff's strategy to fix things now so there's a foundation for the recovery of growth, also in agriculture,” Levy stated.
Translated by Fabrício Ferreira
Fonte: Brazil's GDP to shrink in 2015, minister admits
