Brazil's economy to surpass growth expectations with over 3 percent expansion in 2024
Date
11/28/2024 4:04:04 AM
(MENAFN) Brazilian President Luiz Inacio Lula da Silva announced on Tuesday that Brazil's Economy is expected to surpass growth expectations, projecting more than 3 percent growth in 2024. This optimistic outlook comes as inflation remains controlled and wages continue to rise. Lula highlighted the positive economic developments occurring both at the macroeconomic and microeconomic levels in Brazil, underscoring a favorable environment for the country’s growth.
In his speech at the National Meeting of the Construction Industry in Brasilia, Lula emphasized that the nation’s economy is performing better than anticipated. He noted that the growth forecast had been upgraded by the Brazilian government to 3.3 percent, while financial market analysts have projected a slightly lower growth rate of 3.17 percent.
The Brazilian Central Bank also revised its inflation forecast for the end of 2024, adjusting it from 4.64 percent to 4.63 percent. This marks the first decline in the country’s inflation projection in 18 weeks, signaling a slight improvement in inflation control measures.
Overall, the positive economic trends and revisions reflect an encouraging outlook for Brazil’s economic performance in 2024, bolstered by rising wages and a steady inflationary environment.
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