The Minister of Mines and Energy, Adolfo Sachsida, told CNN that the GDP result reflects something that he and members of the government have warned for a long time: the market is wrongly analyzing the data of the economy and ignoring the effect of reforms promoted by the government. According to him, the country is facing sustainable and secure growth.

“When we get caught, we have to keep quiet. When the result appears, I think it’s fair that the people who beat recognize the good result”, said Sachsida. “To err is human. But it’s simple: next year, they’ll make mistakes again. The potential GDP of the economy has increased.”

The minister, who in the first three years of government held the position of Secretary of Economic Policy at the Ministry of Economy, said he does not understand the fact that economists from large banks, such as Itaú, Santander and Bradesco, have so wrongly made their predictions.

“It’s not possible that these people are not seeing or not hearing,” he said. “That’s what I’m tired of saying: the market is looking at the wrong thing. The market is looking at the demand curve and not looking at the supply curve. Microeconomic reforms, the new legal framework. I used to say that all this would generate an increase in private investment and the resumption of the job market would guarantee growth of more than 2%. It is the job offer that can increase thanks to a safe return to work and private investment”, he said.

Regarding the fact that the per capita income of Brazilians still takes a few years to return to the level of 2014, the minister said that this is due to the crisis generated by the Dilma Rousseff government. “Do we want magic? GDP per capita dropped because we had a massive recession in 2015 and 2016,” he said. “In our government, what happened: with the reforms, you have difficulty in the beginning, and then the result appears”.

According to Sachsida, the good indicators of the economy are “the result of three years of hard work” that now appear clearly. “And with a pandemic, in the middle of a war and with high interest rates. This shows the strength of the reforms that have been made. It’s just that we talked and people didn’t pay attention,” she told CNN .

The minister also projects a positive scenario for 2023 and bets that the market will have to revise its forecasts again. “Next year will be better because the measurements are correct. Reducing energy taxes is something spectacular. People are so hurt, because we did something they didn’t expect and don’t see: taking a basic input like energy and reducing its cost has a huge effect. It will be easier for the bakery, for the mall, for the productive sector as a whole”, he said.