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Brazilian economy recovers by 7.7%

    Brazilian economy recovers by 7.7%

    • 2020-12-04 17:50:16
    • 93
    Brazilian economy recovers by 7.7%

    According to figures released by the National Statistics Institute, the Brazilian economy recorded a recovery of 7.7% in the third quarter of this year
    Thus, it emerges from a state of recession as Brazil tries to control the consequences of the emerging corona virus, which affected Brazil.
    Analysts had expected that the rate of economic growth would be 8.8%. André Perfetto of the Brazilian consultancy Nekton said that this percentage was disappointing, in fact he was expecting more than that.
    The Brazilian government expects a decline of 4.5% in 2020, although the International Monetary Fund expects the Brazilian economy to decline by 5.8% in the Brazilian GDP this year, and 2.8 in the next year.
    William Jackson, an expert in emerging markets at Capital Economics, said that the recovery in the third quarter "is slightly weaker than expected, but the data still confirms that the economy was better off than other major Latin American countries so far during this crisis."
    Brazil, which has a population of 212 million, entered a recession after two consecutive quarters of contraction in 2020, by 2.5 percent in the first quarter and 9.7 percent in the second.
    The country's economy has been hit hard by the Covid-19 epidemic that has killed more than 174,000 people, the second-highest death rate in the world after the United States.
    The recovery in the third quarter was driven by government aid to businesses and some 60 million Brazilians from the poor, but at the expense of an ever-increasing public deficit and debt.
    In September, the financial aid amounting to about $ 115 was cut in half and will be canceled at the end of this month.
    The government has provided emergency aid to a third of the population since April 3, which has cost the government more than $ 115 billion, or 8.6 percent of GDP, but has contributed to curbing the economic crisis caused by the epidemic.