Brazil believes its growth rate will be double the IMF’s forecast

Brazil believes its growth rate will be double the IMF’s forecast

Chamber Articles Category: Economic News Post Date: 01/23/18 Source: CNBC By: Natasha Turak
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Brazil expects to see upwards of 3 percent gross domestic product (GDP) growth in 2018, Brazilian Finance Minister Henrique Meirelles told CNBC Tuesday, a figure that flies in the face of the International Monetary Fund's (IMF) forecast of 1.5 percent.

Speaking at the World Economic Forum in Davos, the head policymaker for Latin America's largest economy explained why he thought the IMF's forecast was wrong.

"The numbers have been revised every day, or every week, or every month by the IMF in general," the finance minister said. "The market has moved steadily up, around 2.85 today. In our case we have been leading the market last year, we have this forecast that is going to happen, which is about 1.1 percent for 2017, and we think this year it's going be around 3 percent or higher."

Meirelles cited future pension reform, GDP growth and the country's upcoming elections as cause for optimism. Brazilians will head to the polls in October 2018, with many hoping to bring an end to years of corruption-plagued administrations. Read Full Article