Brazil's government on Friday sharply revised its 2020 budget deficit and national debt forecasts to record levels, reflecting the hit to tax revenues and need for massive emergency spending caused by the coronavirus crisis.
BRASILIA - Brazil’s government on Friday sharply revised its 2020 budget deficit and national debt forecasts to record levels, reflecting the hit to tax revenues and need for massive emergency spending caused by the coronavirus crisis.
Taking into account emergency measures yet to be formally approved, the central government budget deficit excluding interest payments could balloon to 675.7 billion reais , or 9.4% of gross domestic product, the presentation said. Even that would be more than four times the 124.1 billion reais shortfall originally projected at the start of the year.
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