Brazilian minister attacks the IMF and invites it to make forecasts elsewhere

Brazil’s Economy Minister, Paulo Guedes, criticized the International Monetary Fund (IMF) on Wednesday for disclosing, he said, misleading forecasts about the country’s growth and invited the body to make forecasts “somewhere else”.

“I would like to say, very delicately, that we are even disregarding the mission of the IMF”Said Guedes, an orthodox liberal from the Chicago School, in a meeting with businessmen in Sao Paulo attended by President Jair Bolsonaro, in the company of other ministers.

Guedes considered that before the presence of the IMF was justified because Brazil “I always lived in imbalance“, But revealed that”a week ago“He signed a document discarding his visit so that”they can walk out there (in other countries)”, According to affirmed.

The minister, in office since Bolsonaro took office in 2019, specifically attacked the organization for predicting a drop in the Brazilian Gross Domestic Product (GDP) of close to 10% by 2020, which in the end did not materialize, registering a 3.9% retraction, according to official data.

“I think it is better for them to forecast elsewhere.”, He declared, amid the laughter and applause of the public present at the event.

Guedes defended that the Government of Jair Bolsonaro has put “standing“To the Brazilian economy, which contracted”less than expected“And attacked those who have projected that 2022 will be”a disgrace”For what is the largest Latin American economy.

The financial market projects for 2021 an expansion of Brazil’s GDP of 4.65%, although for next year it has reduced its estimates to 0.50%.

The data show that the recovery of the South American giant’s economy has slowed down in recent months, due to multiple factors, including inflation that is close to 11%, unemployment above 12%, the upward trend of the basic rate of interests and the severe water crisis that the country is going through.

All this, according to financial analysts, will drag growth in 2022, a year that will also be marked by the presidential, legislative and regional elections in October.