Brazil Debt To Hit Record 93.5% Of GDP This Year: Economy Ministry

Brazil’s national indebtedness will soar to record levels this year due to the coronavirus crisis, with gross national debt reaching 93.5% of gross domestic product and net debt hitting 67.6% of GDP, the Economy Ministry said on Friday.

In a presentation released late on Friday, the ministry also said the central government’s primary deficit could widen to 675.7 billion reais ($121 billion), or 9.4% of GDP, once emergency measures not yet formally approved are factored in.

This would also see the broad public sector deficit widening to 708.7 billion reais, or 9.9% of GDP.