Brazilian Economy Minister Paulo Guedes says that Brazil’s economy is on the path to recovery and he was not worried about exchange rate fluctuations that saw the real close the day at its weakest ever against the U.S. dollar earlier in the week.
The minister, also says there was no reason for concern about the Brazilian government’s current account deficit, which has grown to 3% of gross domestic product, its widest since 2015.
Mr. Guedes met on Monday with Commerce Secretary Wilbur Ross, who he said reaffirmed the U.S. commitment to backing Brazil’s bid to joining the Organization for Economic Co-operation and Development (OECD) after Argentina.
But if Argentina’s bid for OECD membership failed to win approval, Brazil would be next in line to join.
The government by year-end will send its tax change proposals to Congress, which will seek to reduce income tax on corporations.