Brazil to have lower GDP growth than expected in 2017

Source: Xinhua| 2017-06-29 15:07:19|Editor: ying
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RIO DE JANEIRO, June 29 (Xinhua) -- Brazil will have a lower gross domestic product (GDP) growth rate in 2017 than originally projected, the country's Finance Minister Henrique Meirelles said Wednesday.

The projected 0.5 percent growth rate represents a reduction in the previous predictions made by the Brazilian Central Bank. According to the minister, the official estimate will be appropriately adjusted over the next few weeks.

"It will be slightly lower than 0.5 percent, but it will still be positive," Meirelles said about the figure.

The lower projection occurs amid deep political instability in the Brazilian government. Over the past month, the administration of President Michel Temer was engulfed in corruption scandals.

Earlier this week, Temer was formally denounced for corruption and paying bribes to a witness during the so-called "Car Wash" corruption investigation launched in 2014. However, he denied the accusation and insisted he was innocent.

Temer is the first Brazilian president in history to suffer criminal charges while in office. Besides, he is also facing problems inside the coalition while the opposition has been calling for his impeachment.