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  4. Brazil does not need to fear recession abroad, strong dollar, says Guedes
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Brazil does not need to fear recession abroad, strong dollar, says Guedes

(Reuters) - Brazilian Economy Minister Paulo Guedes said on Monday that the country need not to fear recession abroad or a stronger dollar, arguing that Latin America's largest...
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Brazil does not need to fear recession abroad, strong dollar, says Guedes © Reuters. FILE PHOTO: Brazil's Economy Minister Paulo Guedes speaks during a news statement after opening ceremony of the OECD meeting at the Itamaraty Palace in Brasilia, Brazil June 21, 2022. REUTERS/Adriano Machado/File Photo

(Reuters) - Brazilian Economy Minister Paulo Guedes said on Monday that the country need not to fear recession abroad or a stronger dollar, arguing that Latin America's largest economy has its own growth dynamics.

Speaking to businesspeople at an event in the state of Bahia, he stressed that the country has continental dimensions, is in good fiscal shape and heading towards what may be a 3% expansion this year.

Meanwhile, developed economies will face stagflation, in addition to the impacts of the Ukraine war, he said.

"They say, well, if there is a recession there (abroad), the price of agricultural products will fall, it will be terrible, Brazil will end. Nothing will end," said the minister.

"(With) the dollar a little stronger, as it is now, people engage in domestic tourism, the competitiveness of our industry increases, the competitiveness of our agriculture improves."

The U.S. dollar reached 5.40 reais earlier this session, at the highest levels in two months, amid global fears about aggressive monetary tightening and the risk of recession in developed economies.

During his speech, Guedes told the audience not to be scared by the "wind outside."

"The dollar goes up, the dollar goes down to adjust, but the economy, the dynamics of Brazilian growth is from domestic savings, innovation, technology," he said.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
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 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
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 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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