In a recent report, the Central Bank announced that Brazil’s economic activity experienced a contraction of 0.06 % in September compared to the previous month, reaching its lowest point since January. The monthly index of economic activity, used to anticipate the trend of the Gross Domestic Product (GDP), indicated a growth of 1.1 % compared to the same month last year, according to seasonally adjusted data.

When analyzing the quarters, the largest Latin American economy recorded a decrease of 0.64 % between July and September compared to the previous three months.

Although the Central Bank increased its growth forecast for this year from 2 % to 2.9 % in September, attributing this adjustment to the solid performance of the agricultural sector, it warned that economic activity will weaken in the coming quarters. The projection now points to 1.8 % growth by 2024.

Although the federal government remains more optimistic, expecting economic growth above 3 % this year, especially after surprising growth in the second quarter, the long-term outlook suggests economic challenges on the horizon.

K. Tovar

Source: Bancaynegocios

(Referential image source: Raphael Nogueira, Unsplash)

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US Treasury Secretary Janet Yellen highlighted the improvement in the economic outlook, underscoring the resilience shown by the US economy.

“The challenges we face are real and the future is always uncertain. But the outlook has improved since we met in the fall,” Yellen told a press conference ahead of the G20 finance ministers and central bank governors meeting. in Bangalore, India.

In this sense, the head of the United States Treasury highlighted in her comments the resilience shown by the US economy, where inflation is moderating, while the labor market remains strong.

“Progress in the global macroeconomy is the result of collective work,” Yellen added, referring to the importance of forums like the G20 when it comes to strengthening international cooperation.

In this way, she recalled the vision shared in last year’s meetings on the need to combat high inflation and remain attentive to the risks of contagion derived from the tightening of financing conditions in the main economies.

Source: dpa

(Reference image source: file)

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According to the most recent Economic Outlook report of the International Monetary Fund (IMF), Venezuela will show the second-highest economic growth in Latin America in 2022 and the best performance in the region in 2023.

For the multilateral organization, the Venezuelan economy will grow 6 % this year, only surpassed by Colombia in Latin America where the GDP would register an expansion of 7.3 % this year; however, the average expansion of 12.4 % in the Caribbean is the most impressive performance on the continent.

In relative terms, the Venezuelan economy will exceed the increases in the GDP of the United States, which will be only 1.6 %; Mexico (2.1 %); Brazil (2.8 %); Argentina (4 %) and Chile (2 %); however, it must be remembered that, in absolute terms, the Venezuelan economy remains one of the smallest in the region, after a prolonged 7-year recession with hyperinflation for more than 4 years.

However, Venezuela continues to be the country with the highest variation in inflation on the continent, with an increase of 210 % in 2022.

El FMI estima que la inflación en Venezuela seguirá siendo alta, pero ahora ubica su estimación en 220% para 2022, desde el 500% que calculaba en abril. Además, espera que siga bajando y proyecta 150% para 2023. https://t.co/dD2ZoLSGWH pic.twitter.com/RfOtUE9jOg

— Economía Hoy (@economiahoyve) October 12, 2022

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With information from El Sumario

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