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Brazil 2019 growth forecasts cut to new low of just 1.0%

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Christian Fernsby |
Brazilian manufacturing
LatAm   Reflecting the deteriorating outlook for Latin America’s largest economy

Brazil’s economy is expected to grow by just 1.0% this year, according to a central bank survey.

Reflecting the deteriorating outlook for Latin America’s largest economy, economists also cut their 2019 inflation forecasts, and lowered their 2020 outlook for growth and official interest rates.

Not only that, economists cut their 2020 GDP outlook to a new low of 2.23% from 2.50%, and their prediction of where the central bank’s benchmark Selic rate will be at the end of next year to 7.00% from 7.25% the week before.

That is the first time the FOCUS survey’s average 2020 GDP forecast has slipped below 2.50%, it was 2.80% in March, and marks an aggressive reduction in Selic forecasts for next year of 50 basis points in less than a month.

The average forecast from 115 respondents also showed that inflation is expected to end the year at 3.89%.

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