Fiscal and social concerns equally important for Brazil’s economy, Itau CEO says

SAO PAULO (Reuters) – Fiscal and social concerns should be given equal weight in the running of Brazil’s economy, the chief executive of bank Itau Unibanco said on Friday, referring to market jitters over President-elect Luiz Inacio Lula da Silva’s spending plans.

Milton Maluhy Filho, the CEO of Brazil’s largest lender, said he expects a slowdown in Brazil’s economy in the fourth quarter, in a trend that should continue into 2023. He added that he expected more modest growth in financial margins in the next quarters.

(Reporting by Aluísio Alves; Editing by Raissa Kasolowsky)