Brazil’s return to economic growth will be slow and difficult, said Brazilian President Michel Temer in a speech to investors on Tuesday. He went on to say that GDP will only begin to inch up again in the second half of 2017. “We are still fighting against the perverse cycle that we inherited (from the previous administration),” Temer said at a conference on infrastructure hosted by the National Confederation of Industry (CNI). “Progress will take time and it will be slow.” He said jobs and growth will only return if Brazil continues on the path to fiscal austerity. “A country is like a business,” he said. “You can’t spend more than you bring in.” Brazil is currently in the second year of a deep recession, with most economists predicting a GDP slide of about 3.5 percent. Economists are forecasting growth next year of 1.0 to 1.5 percent. Unemployment is currently 11.8 percent.
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