Guedes mentioned that April was the “floor” of the retraction in the Brazilian economy due to the influence of the COVID-19 pandemic, and argued the 9.7 percent shrinkage in the country’s gross domestic product (GDP) in the second quarter “is a sound from far away.”
Brazil’s Congress is expected to subject the country’s 2019 Budgetary Guidelines Law—LDO in the original Portuguese—to vote this week. A deal between party coordinators in a bicameral commission on budget should lead to the vote being held Wednesday (Jul. 11).