LatinNews Daily - 19 July 2022

In brief: Brazil’s gov’t optimistic on economic trajectory

* Brazil’s Economy Minister Paulo Guedes has voiced optimism about Brazil’s economic position relative to much of the world, saying that whilst the global economy is entering a stagflationary period, Brazil is seeing economic growth, reduced unemployment, and falling inflation. “We are going to see the economic universe in contraction, but Brazil is going in the other direction,” he said. Guedes’ comments followed a revision of the economy ministry’s economic forecasts on 15 July, with the GDP growth forecast for 2022 raised from 1.5% to 2%, and the inflation forecast for 2022 falling from 7.9% to 7.2%. The GDP forecast for 2023 remained unchanged at 2.5%, although the inflation forecast for 2023 was raised from 3.6% to 4.5%. The latest inflation figures for June revealed monthly inflation of 0.67% and annual inflation of 11.89%, significantly exceeding the central bank (BCB)’s target of 3.5% +/-1.5% for 2022.

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