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BRASILIA, Nov 9 (Reuters) – Brazil’s Economy Ministry predicted on Wednesday a GDP growth range in 2023 between 1.4% to 2.9%, arguing that the economy’s structural growth is now higher than seen in the recent past.
The Ministry’s Economic Policy Secretariat stated in a report that the persistence of forecast errors for the Brazilian GDP in the last three years may indicate a change in the growth trend, drawing attention to the positive effects in the short term of a higher investment rate.
Officially, the government estimates a 2.5% GDP rise next year, an input used in its budget proposal sent to Congress, which is questioned for allegedly overestimating government revenues.
Private economists calculate the economy will grow by just 0.7% in 2023, according to the central bank’s weekly Focus survey.
The secretariat stated that traditional models for projections are based on past observations and, therefore, cannot…
