Brazil Economy Chief Says Private Sector Will Propel Recovery
- Previous government infrastructure plans didn’t work, he says
- Guedes repeated that he has President Bolsonaro’s support
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Brazil’s private sector will drive the nation’s recovery from the coronavirus pandemic, Economy Minister Paulo Guedes said amid signs he is getting the upper hand in a struggle over the federal budget.
The government won’t spend to bail out large companies, and previous large-scale infrastructure programs driven by public spending didn’t work, Guedes said on Wednesday during an online event with retail sector executives. The nation’s Congress backs economic reforms, he said, adding that he has President Jair Bolsonaro’s full support.