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Brazil's economy could recover in fourth quarter, says central bank president

EconomyApr 18, 2020 06:05PM ET
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© Reuters. The coronavirus disease (COVID-19) outbreak in Brazil

By Maria Carolina Marcello

BRASILIA (Reuters) - Brazil's central bank president Roberto Campos Neto said on Saturday that Latin America's largest economy will begin to recover from the coronavirus crisis in the fourth quarter, according to an interview in local media.

Brazil has more coronavirus cases than any other country in Latin America. On Saturday, the health ministry said the number of confirmed cases rose by 2,917 to 36,599. Deaths rose by 206 to 2,347, the ministry said.

"I think the last quarter will show improvement," he said in the interview with website Poder360, which has published a teaser but will publish the interview in full on Sunday.

"Now the question is the third quarter, to what extent will it be impacted."

Brazilian President Jair Bolsonaro has repeatedly dismissed the severity of the coronavirus outbreak and criticized social isolation guidelines, arguing that the economic toll will kill more people than the virus.

On Saturday, he repeated this argument in Brasilia, meeting with a small crowd of protesters on the streets and broadcasting the encounter on Facebook (NASDAQ:FB) Live.

He said that Brazil's federal government will be expected to compensate states more than 100 billion reais ($19.09 billion) in tax revenue lost due to lockdown policies that have negatively affected the economy. But Bolsonaro said there is no room in the country's budget to afford those costs.

Campos Neto added that the central bank will issue a formal forecast for Brazil's economy soon, but that it could take some three more months to be able to formally assess the impact of the coronavirus crisis on the Brazilian economy.

Brazil's economy could recover in fourth quarter, says central bank president
 

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Comments (2)
Mauro Fernandes
Mauro Fernandes Apr 18, 2020 7:51PM ET
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There has been political forces, like Democrats and Republicans in America, anulating one another in Brazil these days. The president may not be the best for this moment, but he was elected democratically. I think it is time to stop trying to get him out of the power, mainly the TV press, who has a strong penetration all over the country but they are using that as a weapon to defeat the President. The vote is the way to change our way, 2022 is coming, but right now it is time to gather forces and keep on working on economy structuring changes, issues like Fiscal and Tributary policies must be priority under the congress agenda as soon as possible, that will give trust to investors.
Mauro Fernandes
Mauro Fernandes Apr 18, 2020 7:50PM ET
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This comment has already been saved in your Saved Items
There has been political forces, like Democrats and Republicans in America, anulating one another in Brazil these days. The president may not be the best for this moment, but he was elected democratically. I think it is time to stop trying to get him out of the power, mainly the TV press, who has a strong penetration all over the country but they are using that as a weapon to defeat the President. The vote is the way to change our way, 2022 is coming, but right now it is time to gather forces and keep on working on economy structuring changes, issues like Fiscal and Tributary policies must be priority under the congress agenda as soon as possible, that will give trust to investors.
 
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