July 02, 20 - 4:51 pm - LABS

Brazil’s Central Bank President says the country started a V-shaped recovery

According to Reuters, Brazil’s Central Bank President Roberto Campos Neto said that the country’s economy has begun a ‘V-shaped’ recovery from the worst of the COVID-19 crisis. Campos Neto said that during an online event hosted by the newspaper Correio Braziliense and the largest Brazilian bank Itau Unibanco.

“We start to see a faster improvement in June. So energy, traffic, tax collection, TED volume, all of this we can see an improvement in June (….) So it seems that we have started a recovery that would be an initial ‘V’ move, but that we think should soften up a bit. In other words, we can see that the first part of the recovery was in ‘V’, following some other places in the world, unlike in 2008, when the recovery was slower.”

He also said that inflation is under control, but that unemployment will get worse before it gets better.