In a presentation at the Paulista branch of the Wharton School of Business at the University of Pennsylvania, Central Bank President Ilan Goldfajn showed indicators pointing to economic recovery and pointed to the need for reforms.
Goldfajn defended the autonomy of the Central Bank, the opening of the economy and the changes made in the Long Term Rate, used by National Bank for Economic and Social Development (BNDES) for loans to companies.
He highlighted the need for change in the rules of retirement and pension. “Brazil needs to continue on the path of adjustments and reforms, especially the pension reform,“ he said in the English version.
According to the president of the Central Bank, the global economy poses special challenges to emerging countries because of international trade disputes (the United States and China), the eventual rise in interest rates in the advanced economies and the risk aversion of global financial investors.
With these scenarios, Goldfajn predicts that the Brazilian Gross Domestic Product should grow 2.4% in 2019.