Brazil to end 2020 with debt at 94% of GDP, treasury secretary says

Brazil will end 2020 with debt equal to 94% of the nation’s gross domestic product, Treasury Secretary Mansueto Almeida said on Monday, adding that Brazil needs to show it is committed to additional fiscal reforms for the figure to fall. The government last month revised its official 2020 debt forecast, which is now 93.5% of GDP. But that is based on its assumption that GDP contracts by 4.7%, which is already looking optimistic. The median estimate in a Reuters poll of economists points to a record 6.3% contraction.

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