May 14, 2020 / 5:49 PM / 20 days ago

Each week of social distancing costs Brazil 0.3% of GDP

BRASILIA, May 14 (Reuters) - Social distancing measures in Brazil to slow the spread of the novel coronavirus are costing the country 0.3% in gross domestic product (GDP) each week, the economy ministry’s Economic Policy Secretary Adolfo Sachsida said on Thursday.

Brazil slashed its 2020 GDP forecast on Wednesday to predict a contraction of 4.7%, as the coronavirus pandemic batters the economy. President Jair Bolsonaro argues that isolation and lockdown measures favored by state and local governments should be rolled back as it is leading to too many lost jobs. (Reporting by Gabriel Ponte; Writing by Jake Spring, Editing by Franklin Paul)

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