Brazil Finance Minister Dario Durigan Denies Retail Crisis, Blames High Interest Rates on Consumer Spending
Durigan stated there is no generalized crisis in the retail sector, attributing struggles to high interest rates and changing credit habits.
Brazil's Finance Minister Dario Durigan told TV Record that the retail sector is not facing a generalized crisis. He argued that consumers still have purchasing options available across physical stores and digital channels. Durigan highlighted that elevated interest rates are pressuring consumer spending significantly. When questioned about recent store closures or bankruptcy filings by major retailers, he attributed these events to market changes rather than systemic economic failure. He noted that credit cards used today differ from those in the past due to pandemic shifts in consumption patterns. While acknowledging specific company difficulties, Durigan insisted there is no crisis specific to the Brazilian economy as a whole.
