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Brazil raises its budget deficit amid falling tax revenues and slowing growth
17/08/2017
Brazil has lifted its budget deficit for the next two years and the next amid a sharp drop in tax revenues, slowing growth and other problems plaguing Latin America's largest economies.
Finance Minister Anheki Myriles said the government's fiscal deficit ceiling would rise to $ 50 billion for the years 2017 and 2018, up from $ 43.7 billion and $ 40.6 billion, respectively.
The definition of fiscal deficit is the difference between government spending and revenue, excluding borrowing funds.
The minister said the figures would change dramatically, and again for the worse, in 2019 and 2020 also.
In the latter case, a slightly expected surplus of $ 2.6 billion will, according to the new projections, become a deficit of $ 20.4 billion.
The changes have been expected since last Friday when President Michel Tamer met with his economic advisers to discuss the change. But the debate has continued until this week.
In the first quarter of this year, Brazil emerged from its worst economic downturn, but remains fragile.
The economy grew by 1 percent in the first quarter, ending eight consecutive quarters of contraction, benefiting in particular from the boom in agro-industries.
The results gave a glimmer of hope to the economic giant in South America.
In attempts to settle government finances, Brazil launched last year a program to privatize the management of several airports.
Last week, the Ministry of Transport said it was studying tenders for the management of 19 of these airports.
Last year, the government also introduced austerity measures aimed at attracting investors away from Brazil because of economic problems, including a 20-year freeze on government spending.
After being the best emerging economy in the world, Brazil collapsed in 2015 as world commodity prices fell. Its economy has fallen by 3.8 percent this year. In 2016, it recorded a similar decline of 3.6 percent.
The government hopes to record modest growth of at least 0.5 percent in 2017 and 2 percent in 2018.
http://aletejahtv.org/permalink/177234.html
17/08/2017
Brazil has lifted its budget deficit for the next two years and the next amid a sharp drop in tax revenues, slowing growth and other problems plaguing Latin America's largest economies.
Finance Minister Anheki Myriles said the government's fiscal deficit ceiling would rise to $ 50 billion for the years 2017 and 2018, up from $ 43.7 billion and $ 40.6 billion, respectively.
The definition of fiscal deficit is the difference between government spending and revenue, excluding borrowing funds.
The minister said the figures would change dramatically, and again for the worse, in 2019 and 2020 also.
In the latter case, a slightly expected surplus of $ 2.6 billion will, according to the new projections, become a deficit of $ 20.4 billion.
The changes have been expected since last Friday when President Michel Tamer met with his economic advisers to discuss the change. But the debate has continued until this week.
In the first quarter of this year, Brazil emerged from its worst economic downturn, but remains fragile.
The economy grew by 1 percent in the first quarter, ending eight consecutive quarters of contraction, benefiting in particular from the boom in agro-industries.
The results gave a glimmer of hope to the economic giant in South America.
In attempts to settle government finances, Brazil launched last year a program to privatize the management of several airports.
Last week, the Ministry of Transport said it was studying tenders for the management of 19 of these airports.
Last year, the government also introduced austerity measures aimed at attracting investors away from Brazil because of economic problems, including a 20-year freeze on government spending.
After being the best emerging economy in the world, Brazil collapsed in 2015 as world commodity prices fell. Its economy has fallen by 3.8 percent this year. In 2016, it recorded a similar decline of 3.6 percent.
The government hopes to record modest growth of at least 0.5 percent in 2017 and 2 percent in 2018.
http://aletejahtv.org/permalink/177234.html
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