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LatinNews Daily - 18 November 2020

In brief: Brazil’s gov’t improves GDP growth forecast

* The economic policy secretariat in Brazil’s economy ministry (SPE/ME) has presented its macro-fiscal report for November, in which it revised its forecast for 2020 GDP growth to -4.5%, up from previous projections of -4.7%. The improved forecast is due to the “good results” presented by the industry and trade sectors, and the expectation of recovery in the services sector, following on from the paralysation of the economy caused by the coronavirus (Covid-19) pandemic. The secretary for economic policy, Adolfo Sachsida, believes that a recovery in the services sector will also drive growth in employment in 2021. “The bulk of unemployment is coming from the informal sector”, Sachsida said, noting that as services pick up and social distancing diminishes, employment in the informal sector will grow again. Sachsida also said that, according to the SPE’s projections, the likelihood of a second wave of Covid-19 infections in Brazil is currently “very low”.

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