RIO DE JANEIRO, BRAZIL – Minister of Economy Paulo Guedes said yesterday, November 23rd, that Brazil should lose approximately 300,000 formal jobs this year. Despite the resumption of new job creation in recent months, the Minister expects a slowdown until the end of 2020.
“We will possibly reach the end of this year losing 300,000 jobs, that is, 20% of what we lost in 2015 and 2016. In the year we are facing the biggest crisis in our history, a global pandemic, we will lose between a fifth and a third of the jobs lost in the last recession”, said Guedes during the online seminar ‘Visão do Saneamento – Brazil and Rio de Janeiro’, promoted by the Federation of Industries of the State of Rio de Janeiro (FIRJAN).
According to the Minister, there was an average of 1.3 million jobs lost annually in the recession years of 2015 and 2016.
“Brazil created 500,000 jobs in July, 250,000 in August, and 313,000 in September. October data are about to come out at any time. I don’t believe it’s going to keep up at this rate. It’s only natural that it slows down,” he said.
According to the Minister, all Brazilian regions and economic sectors are creating jobs. “The economy recovered in a V as we expected.” The IMF [International Monetary Fund] projected a 9.5% drop in Brazil’s GDP [Gross Domestic Product]. It’s going to be less than half,” Guedes said.
Source: Agência Brasil