Brazil's transport industry is bearish on economy
In the face of Brazil's economic and political crisis, the country's freight and passenger transportation industry is not expecting to benefit from a strengthening economy until 2017 at the earliest, according to the head of national transport federation (CNT) Bruno Batista.
"According to our most recent economic expectations survey which questioned transport company executives at the end of 2015, nearly half of them do not expect to benefit from a recovering economy until 2017 and approximately 20% actually do not see recovery until 2018," Batista told BNamericas.
As demand in several industries declined, 79% of those surveyed said they had to implement layoffs in 2015, while 58% said they hired staff.
Moreover, about 86% do not trust the way the federal government is managing the economy, Batista said, adding that the general perception in the sector is pessimistic, with no short-term improvements in sight.
According to the latest Fiscal Monitor report of the International Monetary Fund, Brazil will have a primary deficit of 1.7% of GDP this year, 1.4% of GDP in 2017, 1% in 2018 and 0.3% in 2019.
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