Turbulence temporary, Brazil to restore growth, says Levy
Finance Minister Joaquim Levy 
Finance Minister Joaquim Levy said Tuesday (Jul 28) that the fiscal adjustment is in keeping with the economic growth, and that targets should be exceeded in the next two years. In Levy's view, Brazil is experiencing a period of transformation in which it is necessary to find ways to avert the crisis. “The turbulence is temporary, and I believe that the economy will revert to its growth path. It's a process with difficult moments, but it shall come to an end.”
The process of adjustment is underway with no major complications, the minister went on to declare. Companies are adapting, some are now capable of getting back on track.
“Our debt is relatively large, and we must bear its trajectory in mind. In order to do that, we have to make decisions in the fiscal and spending areas; we have to give signs that contribute to calm in the markets,” Levy argued.
The minister acknowledges the moment of uncertainty facing the economy and points out that being realistic and transparent about the fiscal adjustment is key. “We must prioritize spending and discuss to what extent it's leading us to results. We have to evaluate how efficient costs are, so we can see the fiscal trajectory—a trajectory that offers economic agents security.”
Translated by Fabrício Ferreira
Fonte: Turbulence temporary, Brazil to restore growth, says Levy
