Brazil's GDP growth projected to double in 2020: minister

Source: Xinhua| 2019-10-31 13:58:36|Editor: Li Xia
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RIO DE JANEIRO, Oct. 30 (Xinhua) -- The growth rate of Brazil's gross domestic product (GDP) is projected to double year-on-year in 2020, Brazilian Minister of Economy Paulo Guedes said Wednesday.

According to the minister, Brazil's GDP growth rate is expected to grow from less than 1 percent this year to 2-2.5 percent in 2020.

"The economic growth started slowly this year but it will certainly double next year, compared to this year," the minister said.

"It will be the first time there is a combination of rising growth and falling inflation," Guedes said.

According to the Brazilian Institute of Geography and Statistics, the country's annual inflation rate in the first nine months of the year was running at 2.49 percent, and the consumer price inflation fell to its lowest in more than a year in September.

Guedes stressed the important effects on the domestic economy of the government's reforms on social security system and the signing of trade deals like the trade agreement between the Southern Common Market (Mercosur) and the European Union.

The minister added that a bill regarding investments in basic sanitation will be brought to the Congress next week. "The privatization of sanitation investments will really bring basic sanitation to the Brazilian cities."

Attending a seminar promoted by Sao Paulo state daily Estadao on Wednesday, Guedes said that Brazilians will soon begin to feel the effects of the recovery of the Brazilian economy.