Brazil's financial market forecasts 4.66 pct drop in GDP in 2020

0 Comment(s)Print E-mail Xinhua, November 17, 2020
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BRASILIA, Nov. 16 (Xinhua) -- Brazilian financial analysts upgraded their economic growth forecast for 2020, from a 4.8 percent to a 4.66 percent contraction in gross domestic product (GDP), the Central Bank of Brazil said on Monday.

According to the bank's weekly survey of the country's main financial institutions, analysts maintained their growth projection for 2021 at a 3.31 percent expansion in GDP.

Analysts raised projected inflation for the end of the year from 3.2 percent to 3.25 percent, and for the end of next year, from 3.17 percent to 3.22 percent.

The forecasts fall within the government's target rate of 4 percent in 2020 and 3.75 percent in 2021, with a 1.5 percent margin of tolerance up or down.

The benchmark interest rate is expected to remain unchanged at the current level of 2 percent annually by the end of 2020 and at 2.75 percent for the end of 2021.

Regarding the trade balance (balance between exports and imports), analysts expect 57.73 billion U.S. dollars in surplus in 2020 and 55.1 billion U.S. dollars in surplus in 2021.

Foreign direct investment is expected to reach 50 billion U.S. dollars in 2020 and 60 billion U.S. dollars in 2021. Enditem

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