Economy Minister: “We Are in V-Shaped Recovery; Brazil Is Surprising the World”

RIO DE JANEIRO, BRAZIL – In light of the best CAGED (General Register of Employed and Unemployed) results since official records began, with a balance of 414,556 in the formal market in November, Minister of Economy Paulo Guedes once again said that Brazil is experiencing a V-shaped recovery of its economy and “surprising the world”.

Guedes also said that the “reforms continued”, albeit at a “somewhat slow” pace.

“But they are still moving forward. When we look at services and trade, they were precisely the most affected sectors by the pandemic. And the economy came back in a V as I had anticipated, as few believed, confirming our projections, rather than the loss of jobs as in the 2015 and 2016 crises, we have created [a net] 227,000 jobs even before the December data”, said Guedes after the release of CAGED’s figures.

The Minister noted that in 2015 and 2016 when the crises were created by economic “mistakes”, according to Guedes, the years closed with around 1.5 million net vacancies.

“Now with the pandemic, which is an external issue, we are creating jobs,” said the Minister. According to CAGED data released on Wednesday, November was the fifth consecutive month with a positive balance.

With the result, the cumulative negative balance through October 2020 has been reversed and becomes positive, with a net 227,025 new formal jobs.

When celebrating CAGED data, Paulo Guedes again stressed the relevance of mass vaccination against Covid-19 for the economic recovery. “For next year, our hope will be mass vaccination to save lives, ensure a safe return to work, and an economic rebound,” said the Minister.

“It has been a very difficult year, I want to warmly embrace Brazilians for their resilience and solidarity in facing the pandemic. It was a very difficult year for us all, what I hope now is that you keep in good health, celebrate life with your families,” he said.

“Only denialism could reject the figures (of CAGED). They are there, a year of net employment generation. I can’t picture that this (employment) has occurred in any other country in the formal market. We continue worrying about the invisibles [casual workers], let’s take care of this too in the future”, completed Guedes.

Source: Estadão Conteúdo