Brazil's financial market forecasts 5.11 pct drop in GDP in 2020

0 Comment(s)Print E-mail Xinhua, September 15, 2020
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BRASILIA, Sept. 14 (Xinhua) -- Brazil's financial market adjusted its earlier forecast of a drop in gross domestic product (GDP) in 2020, from 5.31 percent to 5.11 percent, but maintained its growth forecast for 2021 at 3.5 percent, the Central Bank of Brazil said on Monday.

According to the bank's weekly survey of analysts at leading Brazilian financial institutions, the GDP growth forecast for 2021 has remained unchanged for 16 weeks.

Analysts modified their inflation forecast for the year from 1.78 percent to 1.94 percent, and for next year, from 3 percent to 3.01 percent.

Projected inflation falls within the government's target rate of 4 percent in 2020 and 3.75 percent in 2021, with a 1.5 percent margin of error up or down.

The forecast benchmark interest rate held steady at 2 percent by the end of the year and at 2.5 percent in 2021.

Regarding trade balance, analysts estimated a surplus of 55.15 billion U.S. dollars in 2020 and 53.4 billion U.S. dollars in 2021.

Foreign direct investment in Brazil is expected to reach 55 billion U.S. dollars in 2020 and 66.48 billion U.S. dollars in 2021. Enditem

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