Economy minister says worst of crisis is over for Brazil

The Brazilian minister maintained that his country was "doomed to growth," although he acknowledged that the central bank's decision to raise interest rates to 13.75 percent per year diminished those expectations.

Brazilian Economy Minister Paulo Guedes said Wednesday that "the worst is over" for Latin America's largest economy, as he expects his country to fare better than developed economies following the pandemic and conflict in Ukraine.

"The Brazilian economy is showing resilience. We have made more progress than developed countries after the pandemic. We have created between 200,000 and 300,000 formal jobs per month. Unemployment is falling, and we will have an 8% unemployment rate by the end of the year. Don't panic; the worst is over," Guedes said.

The official made the statement while attending an . . .

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