off-the-wire

Brazil estimates GDP growth over 2%, inflation to converge to 3% this year, Lula says

Kitco Media
By Reuters
Published:
Updated:
Reuters

BRASILIA, Feb 5 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Monday in a letter to Congress that the country should see its economy grow by more than 2% in 2024, with its inflation to converge to the mid-point of the targeted range.

Brazil's central bank has a target of 3% inflation, plus or minus 1.5 percentage points.

In the letter, sent ahead of an event marking the opening of the legislative cycle, Lula said the GDP forecast is boosted by economic policy actions, which are focused on accelerating growth potential with environmental, social and fiscal responsibility.

He also mentioned in the letter that falling interest rates, a cycle kicked off last year, should contribute to the country's growth, while investments in Brazil should be driven by the resumption of financing by public banks.

Reporting by Isabel Versiani; Writing by Andre Romani; Editing by Kylie Madry

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