Brazil is at the beginning of a long cycle of economic growth, says Economy Minister

Brazil is at the beginning of a long cycle of economic growth, said the Minister of Economy, Paulo Guedes, when announcing the results of the federal collection in June.

He commented that this performance has been maintained despite the high interest rates to combat inflation.

At the beginning of the year, he recalled that he warned in international forums that one should not bet against Brazil or against Brazilian democracy. And that Brazil would continue to surprise positively.

The minister said Brazil is starting a long cycle of economic growth at the same time that the world economy has entered a synchronized deceleration after advancing 30 years through competitive integration.

Several countries will go into recession while Brazil will be able to grow for longer, he compared. “In the United States, they are openly talking about recession,” he exemplified.

In Brazil, on the contrary, employment and income are rising, and growth forecasts are being revised upwards. The tax collection continues to surprise. At the same time, inflation and unemployment are falling.

“Exactly the opposite of what is going to happen in the OECD and the United States,” he commented.

“For the first time, 100 million Brazilians are working,” he said. “40 million in the formal system, 60 million in informality.” Thanks to the safe return to work after the pandemic.

He said that Brazil continues to grow despite the war between Russia and Ukraine. “Reducing taxes and with tax collection growing at a strong pace, confirming the trend of sustained growth of the Brazilian economy.”

“The facts are: Brazil is growing, the external accounts are in order, the public accounts are in order,” he listed. “The rest is narrative.”

With information from Valor Investe