Brazil expects to see upwards of 3 percent gross domestic product (GDP) growth in 2018, Brazilian Finance Minister Henrique Meirelles told CNBC Tuesday, a figure that flies in the face of the International Monetary Fund's (IMF) forecast of 1.5 percent.
Speaking at the World Economic Forum in Davos, the head policymaker for Latin America's largest economy explained why he thought the IMF's forecast was wrong.
"The numbers have been revised every day, or every week, or every month by the IMF in general," the finance minister said. "The market has moved steadily up, around 2.85 today. In our case we have been leading the market last year, we have this forecast that is going to happen, which is about 1.1 percent for 2017, and we think this year it's going be around 3 percent or higher."
Meirelles cited future pension reform, GDP growth and the country's upcoming elections as cause for optimism. Brazilians will head to the polls in October 2018, with many hoping to bring an end to years of corruption-plagued administrations.
Meirelles took the position in 2016 amid the global commodities downturn and during the impeachment of former president Dilma Rousseff, previously serving as central bank governor from 2003 to 2011.