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LatinNews Daily - 28 October 2020

In brief: Santander president says growth picking up in Brazil

* Sérgio Rial, the president of Santander Brasil, has said that Brazil appears to have returned to a rhythm of economic growth, following the shutdown of economic activity caused by the onset of the coronavirus (Covid-19) pandemic. “Brazil took important measures to minimise the impact of Covid-19 in the sphere of sanitary public policies as much as in the financial sphere”, Rial said during a press conference, noting the improvement of recent macroeconomic indicators. According to the central bank’s (BCB) latest weekly survey of market analysts, GDP is expected to contract by 4.8% this year, a markedly improved performance compared to expectations earlier on in the pandemic when forecasts stood around -8%. Rial did add that the government must maintain its commitment to fiscal adjustment and give “signals” that it will not disregard a constitutional spending cap.

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