May 29, 2020 / 1:22 PM / 2 months ago

Brazil's Guedes says more credit, reforms needed to revive 'hibernating' economy

FILE PHOTO: Brazil's Economy Minister Paulo Guedes walks before a national flag hoisting ceremony in front the Alvorada Palace, amid the coronavirus disease (COVID-19) outbreak in Brasilia, Brazil May 12, 2020. REUTERS/Adriano Machado

BRASÍLIA (Reuters) - Brazil’s Economy Minister Paulo Guedes said on Friday that the government would continue pushing through economic reforms and increasing the supply of credit as it seeks to revive an economy which just shrank at its fastest rate in almost five years.

Guedes warned that months of falling production could risk a recession morphing into a depression, and that the hibernating economy could lose signs of life as the coronavirus crisis sweeps the country.

Reporting by Isabel Versiani; Writing by Ana Mano; Editing by Chizu Nomiyama

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