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Brazil
07.02.24 10:30
Economics

Lula da Silva: Brazil's economy is expected to grow in 2024

According to the president, GDP growth in his first year in office exceeds the Central Bank's forecasts

Brazilian President Luiz Inacio Lula da Silva said in his message to Congress that investment in the country in 2024 will be boosted by the resumption of financing from state-owned banks and a projected economic growth of more than two per cent. The increase is mainly due to domestic demand.

In terms of industrial GDP, growth is projected to be stronger than last year due to the performance of the manufacturing sector. This was the result of the Selic rate cut and the subsequent improvement in credit conditions.

Lula noted that the policies implemented by his government last year will contribute to economic growth in 2024. He also pointed to the continued reduction of the benchmark interest rate and the process of reducing inflation with the target of three per cent approaching.

"We have implemented economic policies in a responsible manner that allowed us to end 2023 with low inflation and within the target. The disinflation process should continue throughout 2024," the statement said.

In addition to lower inflation and interest rates, Lula also cited the improvement in the labour market and the increase in credit benefits as positive effects expected this year as a result of the measures implemented in 2023. This is reported by Brasil 247, a partner of TV BRICS.

Photo: IStock

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