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Economy50 minutes prior to now (Nov 12, 2021 04: 39PM ET)

© Reuters. FILE PHOTO: Brazil’s Economy Minister Paulo Guedes speaks right thru the launching ceremony of the Nationwide Green Growth Program, on the Planalto Palace in Brasilia, Brazil October 25, 2021. REUTERS/Adriano Machado/File Photograph

RIO DE JANEIRO (Reuters) – Brazil’s Economy Minister Paulo Guedes on Friday said markets are underestimating the nation’s disclose ability, adding that he expects the economic system to grow by better than 5% this year and by on the least 1% in 2022.

Guedes rejected criticism by The Economist this week that he changed into backing the authorities’s try to bypass a constitutional spending cap that changed into well-known in righting Brazil’s funds.

“The Economist must assume at its rep navel. Brazil is more fit than the broad economies, namely the UK,” he said, referencing the nation that headquarters the magazine.

Guedes ironized: “The one which wants to be doing well is England. There are traces there to rep purchase a car, a shortage of meat, and the GDP dropped by 9.7% while we fell by 4%,” he said.

The Brazilian central bank’s Focal point survey of economists, which is seen as a hallmark of market sentiments, diminished disclose expectations for subsequent year to 1% from 1.2%. Some financial analysts are already forecasting disclose at shut to zero, warning there is a probability of stagflation, or sustained inflation with behind disclose.

“They continue to underestimate Brazil. They underestimated when we went down, and I train they’ll be wrong again,” Guedes told Reuters on Friday in a cellphone interview.

He said Latin America’s greatest economic system has a solid unsuitable, despite the coronavirus-brought about economic shock that aim file unemployment.

“Fiscal fundamentals are very significant and the central bank is chasing inflation,” he said. In October, the person imprint index rose 1.25%, the finest monthly upward push since 2002 rushing up annual inflation to 10.67%.

Guedes acknowledged that, despite the pandemic, the nation is producing broad investments, corresponding to those dedicated by non-public corporations in the 5G spectrum telecoms public sale remaining week.

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