Brazil’s Campos Neto says economic outlook improving, recovery likely to be V shaped


FILE PHOTO: Brazil’s Central Bank President Roberto Campos Neto gestures during a news conference at the Brazil Central Bank headquarters in Brasilia, Brazil January 9, 2020. REUTERS/Adriano Machado

July 16, 2020

SAO PAULO (Reuters) – Brazilian Central Bank President, Roberto Campos Neto, said on Thursday that the economic recovery seems to be shaped more like a “V” and, despite the expectation of a 6.4% GDP contraction this year, the outlook seems to be improving.

Speaking in a webcast organized by Itau Unibanco <ITUB4.SA>, Campos Neto said consumption spending is likely to grow in coming weeks as emergency aid payments are scheduled to go until November and more credit programs targeting small and mid-sized companies are launched.

(Reporting by Marcela Ayres; Writing by Gabriela Mello)