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Brazil's economy on track to shrink 4% this year - Economy Minister Guedes

Credit: REUTERS/PAULO WHITAKER

Brazil's economy will shrink by 4% this year, less than the government's official forecast of a 4.7% decline, Economy Minister Paulo Guedes said on Monday, reiterating that this year's emergency public spending will not morph into "inexcusable" permanent spending in coming years.

BRASILIA, Oct 19 (Reuters) - Brazil's economy will shrink by 4% this year, less than the government's official forecast of a 4.7% decline, Economy Minister Paulo Guedes said on Monday, reiterating that this year's emergency public spending will not morph into "inexcusable" permanent spending in coming years.

Addressing the '2020 U.S.-Brazil Connect Summit' online hosted by the U.S. Chamber of Commerce, Guedes also said Congress should vote on the 'Federative Pact' reform bill within 40 days and that Brazil and the United States are close to signing an agreement to eliminate double taxation between the two countries.

(Reporting by Jamie McGeever)

((jamie.mcgeever@thomsonreuters.com; +55 (0)11 97189 3169; Reuters Messaging: jamie.mcgeever.reuters.com@reuters.net))

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