The Brazilian government expects gross domestic product in Brazil to expand by 3 percent next year, Reuters reports.

The news agency says the official forecast is that growth will slow to 2.4 percent in 2020 and 2.3 percent in 2021.

The report quotes Brazilian Finance Minister Eduardo Guardia as telling a press conference: “Potential GDP may be higher from 2020 on if the country sticks to a process of structural reforms.”

The present government is aiming to reduce the primary fiscal deficit to 139 billion reais (US$41 billion) next year, 110 billion reais in 2020, and 70 billion reais in 2021 – even though a new government will replace it after the presidential election in October, Reuters says.