Brazil’s economy in Nike ‘swoosh’ shape recovery: economy minister

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© Reuters. Brazil's Economy Minister Paulo Guedes look on during a press statement in Brasilia © Reuters. Brazil’s Economy Minister Paulo Guedes look on during a press statement in Brasilia

BRASILIA (Reuters) – Brazil’s economy is recovering in the shape of a Nike (NYSE:) “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.

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