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Brazil’s crisis was left behind, said President Temer in article to El Pais (Spain)

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In an article published on Sunday (Nov.12) in the Spanish newspaper El País, President Michel Temer analyzed the year and a half of his administration and said that Brazil has managed to overcome the recession and resume the path of economic growth.

 Some of Temer’s  main remarks:

– “I’ve taken over the Government facing the most serious economic crisis in our history and  profound social impacts that it entailed for Brazil”.

– “I proposed an agenda of change, but without resorting to populist measures. (It was) the broadest set of structural reforms in the last 30 years,  based (…) on fiscal balance, on social responsibility and on increasing productivity “.

– “Brazil’s  economy has already grown for two consecutive quarters. Analysts expect an increase close to 1 percent of GDP in 2017. Inflation, that was almost 10 percent in May 2016, is now at 2.54 percent. “(…) “The basic interest rate (SELIC), which in May 2016 was 14.2 percent  is  now 7.5 percent, its lowest level in 4 years”.

– “Trade surplus reached 50,5 billion euros between January and October of this year (51.8 percent growth compared to the same period of 2016). Industrial production increased by 1.6 percent in the same period (in May 2016 it was negative 9.8 per cent in twelve months). Exports of vehicles increased by 55.7 per cent compared to 2016. Sales of new vehicles in the domestic market grew by 9.28 per cent this year. The grain harvest should reach the historic figure of 242 million tons in 2017, what will represent an increase of  30 per cent over the past year. ”

-“With the aim of promoting productivity, the labor reform was approved. Without giving rise to loss of rights, the legislation was modernized, previously excluded workers joining the law”.

– “The success of this agenda is already seen in the recovery of employment, reflected in the increase in the employment rate. The accumulated balance of the year is 163,000 jobs, compared to the loss of 448,000 jobs between January and May 2016. ”

– “The restoration of fiscal responsibility and economic growth have allowed us to increase the resources allocated to the social area. Programs previously threatened by fiscal ruin have been revalued with respect to the constitutional ceiling and efficiency in public expenditures. ”

– “These results show that the strategy proposed and executed by the Government is correct. The crisis was left behind and Brazil is the path of development. With the conviction that there is no time to lose, I will continue  to advance the  reform agenda. “