Guedes: GDP to contract up to 4 percent if quarantine lasts past July

gdp guedes
Paulo Guedes. Photo: PR

Economy Minister Paulo Guedes told senators the Brazilian GDP could contract up to 4 percent if the quarantine is extended past July. Mr. Guedes said that, in the best-case scenario, the GDP could shrink as little as 1.5 percent. Both the Economy Ministry and the Central Bank state that given the current moment it is hard to estimate the GDP for 2020. The most recent reports by both institutions project zero growth for this year.