Bolsonaro Says Brazil is Prepared to Overcome a World Economic Recession

RIO DE JANEIRO, BRAZIL – President Jair Bolsonaro said he is confident that Brazil will overcome any problems that may arise if there is a global economic recession.

There was panic in financial markets around the world this week amid fears of a new recession in the global economy, after the release of poor economic data in China and Germany and the escalation of trade tensions between the United States and China.

As a result, the dollar exceeded the R$4 threshold, with a 1.57 percent rise in the week, and the stock market slumped by 4.03 percent.

Bolsonaro mentioned recent measures that Brazil has been adopting and said the government is doing its homework. “You can be assured that if we had not taken the measures we have taken, Brazil would be in a very difficult situation. We are doing our homework. Brazil was economically devastated. I have hope, the people can believe it, we will win,” said the president.

When asked about the misuse of authority bill, the president said he had not yet read the material, but confirmed that there will be a veto. “I haven’t read the bill yet. On Monday, August 19th, I will read it, but it will be vetoed,” he said.