President Michel Temer said Thursday (Oct. 13) that the proposed amendment to the Constitution that will set a ceiling for public spending for 20 years can be revised within “four, five or six years” depending on the conditions in the country.
The Brazilian Development Bank (BNDES) posted a net loss of $691 million in the second quarter. The result reversed profit of $1.12 billion a year earlier.
After severe recession in 2015, Brazil's economy will continue to shrink this year, the World Bank said in its Global Economic Prospects report released Thursday (Jan. 6). A 2.5% GDP contraction is expected. For 2015, the organization projected a 3.7% decline.