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

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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 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.

Source: Reuters

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About Geoffrey W W McRae

With a highly distinguished career spanning more than three decades across five different countries, New Zealander Geoffrey McRae has established himself as a leading authority on South American real estate, agricultural, and commercial matters. As the founder of Gateway to South America – a real estate consulting group specialising in six South American countries – Geoffrey has developed a reputation for discretion, expertise, and experience that has seen him represent some of the most prestigious clients in the region. His deep knowledge and experience of South American markets have placed him at the forefront of the industry and given him the opportunity to guide and advise with confidence and surety. His long and successful career – which continues to evolve and expand daily – is a testament to his talent, tenacity, and ambition.

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