Brazil's economy in Nike 'swoosh' shape recovery: economy minister

FILE PHOTO: Brazil's Economy Minister Paulo Guedes look on during a press statement at the Alvorada Palace in Brasilia, Brazil August 12, 2020. REUTERS/Adriano Machado

BRASILIA (Reuters) - Brazil’s economy is recovering in the shape of a Nike “swoosh,” Economy Minister Paulo Guedes said on Wednesday, adding that a program to help finance company payrolls will more than double its reach in the coming months to over 200,000 companies.

Speaking in Brasilia alongside President Jair Bolsonaro, Guedes also said 200 billion to 300 billion reais ($36 billion - $54 billion) of credit will be made available to small businesses by year-end, and said Bolsonaro is open to extending emergency payments to the poor but at a smaller rate than the current 600 reais a month.

Reporting by Marcela Ayres; Writing by Jamie McGeever; Editing by Chris Reese