Brazil economy could fall 7%, deficit top 11% of GDP, Treasury secretary says

Brazil’s economic growth and fiscal outlook this year are shaping up to be worse than official government forecasts, making a return to austerity and reforms next year all the more pressing, Treasury Secretary Mansueto Almeida said on Wednesday.

Almeida said the public sector primary deficit this year excluding interest payments could reach 800 billion reais ($152 billion), or more than 11% of gross domestic product, while the economy is set to shrink around 6-7%.

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