If there is a Brazilian expression that shows the capacity for resilience, the faith in talent, and the victory against expectations is this: “the turn”, whether in stadiums or in the economy.

The turn, especially in football, occurs when a team manages to turnaround a negative result. The best and closest example was the manner how Jorge Jesus’ Flamengo football team managed to turn the result during Libertadores and ended up beating River Plate in the final match of the South American cup last year. Or, in the Portuguese case, how during the game against North Korea in 1966, when the national team was losing 3-0 in the 25th minute – when the genius of Eusébio gave Portugal three goals, followed by another by José Augusto and which secured Portugal’s victory in those quarter-finals.

Without the football excesses, the turn point is Minister Paulo Guedes’ goal as regards the Brazilian economy. Re-acceleration, after the 1.1% GDP growth in 2019, is the objective of the minister of the economy, who foresees growth above 2% in 2020.

In fact, if it weren’t for exogenous factors, such as the global coronavirus pandemic, growth might reach 2.4%.

After negative growth five years ago and a timid recovery that slowed in 2019, the forecast of growth above two per cent is good news, in a year that is starting well.

The Ipea Monthly Indicator of Gross Fixed Capital Formation (GFCF), released by the Institute of Applied Economic Research on March 11, showed a strong growth in January 2020, with an increase of 7.8% in comparison with December, in the seasonally adjusted series. In comparison with January 2019, all segments had a positive performance: machinery and equipment increased 11.4% civil construction reached the 3.7% threshold and “other fixed assets” increased by 6%.

The forecasts of the last “macroeconomic outlook” of 11 March also point to a fall in inflation, and growth in income and wages in the private sector.

However, for Minister Paulo Guedes, this speed is not enough and more actions are needed to strengthen this turn: “The economy is accelerating slowly and waiting for reforms. As the reforms take place, and they will be implemented, Brazil will reaccelerate”.