⁍ Brazil’s government will revise its 2020 gross domestic product forecast, currently a contraction of 4.7%.

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⁍ Economy Minister Paulo Guedes said earlier this week that he now expects the economy to shrink by 4% this year.

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⁍ The latest figures show that retail sales, manufacturing, industrial production and international trade are all rebounding strongly.

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– Brazil’s economy shrank by 4.7% in the third quarter as the South American country struggles with its worst recession in more than a quarter-century. But the country’s economy appears to be rebounding strongly, with retail sales, manufacturing, industrial production, and international trade up sharply in the third quarter, reports Reuters. Economy Minister Paulo Guedes said earlier this week that he now expects the economy to shrink by 4% this year. The latest average forecast in a central bank survey is for a 5% fall in GDP this year. The country’s gross public debt is on course to peak at 97.9% of GDP in 2026 and end the decade at 94.5% of GDP, special secretary at the economy ministry Waldery Rodrigues said Thursday. That would still be higher than the 93.9% of GDP forecast for this year, despite the government’s pledge to rein in the deficit from next year onward, stabilize the debt, and get it on a sustainable downward path. Brazil’s public debt last year was 75.8% of GDP, but it has ballooned to record levels this year due to the emergency spending measures to combat the COVID-19 pandemic. In his presentation, Rodrigues said Brazil’s net public debt will peak at 84.7% of GDP in 2028, sharply higher than this year’s expected 67.8% of GDP. Last year, before the pandemic, it stood at 55.7% of GDP.