Brazil GDP To Get 0.35 Percentage Point Boost From Worker Fund Stimulus

www.oann.com | 7/24/2019 | Staff
DebraS (Posted by) Level 3
BRASILIA (Reuters) – New measures unveiled by the Brazilian government on Wednesday allowing employees to access cash from worker guarantee funds will be worth 0.35 percentage points to gross domestic product over the next 12 months, the Economy Ministry said on Wednesday.

Freeing up 42 billion reais ($10.6 billion) from the “FGTS” severance fund and more cash from the social contribution fund known as “PIS/Pasep” will also create 3 million jobs and increase GDP per capita by 2.5 percentage points over 10 years, the Ministry added.

Wednesday - President - Jair - Bolsonaro - Package

Earlier on Wednesday, President Jair Bolsonaro had said the 42 billion reais package was an “emergency” move to help pull the economy out of a prolonged funk since the punishing 2015-16 recession.

“It’s a permanent pay rise if you are employed, fight to do your job well and stay employed,” Guedes said at the formal announcement of the changes to the FGTS rules at the Planalto Palace in Brasilia alongside Bolsonaro and senior members of the Economic team and bank executives.

Workers

Workers will be able to withdraw up...
(Excerpt) Read more at: www.oann.com
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