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IMF raises forecast for GDP growth in 2017

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In a report, the international entity cites economic reforms and says that Brazil is close to a "turning point"

Faced with the improvement of the economic environment, the International Monetary Fund (IMF) has raised the Brazilian economy's projection of growth from 0.2% to 0.3% in 2017 and said that the country is close to a "turning point".

"The deep recession of Brazil seems close to the end," the international body said in a report. "Supported by support from the National Congress and the market, the new government has been following an agenda of ambitious reforms ... Recent indicators suggest that the Brazilian economy is approaching a turning point," the document says.

This week, the president of the Republic, Michel Temer, sanctioned the law that modernizes the labor relations. One of the main economic measures of the federal government, the new rules of labor law should boost employment and increase business productivity.

For the entity, structural reforms are needed to ensure economic stability, ensure confidence and solid and long-lasting growth.

Source: Portal Brasil, with information from the IMF