The prediction went from 2% last April to 3.5%. However, performance is still under the impact of the pandemic, which has led to job losses in fields including retail and wholesale, manufacturing, tourism, transportation and construction.
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‘For me, there’s a new world order now,” El-Sewedy Electrometer CEO Emad El-Sewedy said during a panel of the Economic Forum Brazil & Arab Countries, which also featured New Development Bank (NDB) president Marcos Troyjo and ABCC Marketing VP Riad Younes.
The International Monetary Fund expects the Brazilian GDP to shrink by 5.8% this year. The former forecast had been 9.1%.
Brazil’s GDP shrank in H1 from the prior quarter. Agribusiness was the only sector that grew.
Impact of the crisis generated by the pandemic is expected to make the Brazilian economy remain stable in 2020, but agribusiness will grow by 2.9% as per estimates of the Central Bank.
Central Bank’s index showed a month-on-month economic growth last January.
Financial institutions polled by the Brazilian Central Bank expect inflation to be 3.20% this year in Brazil, down from last week’s 3.22% estimate.
IPEA revised up its 2020 growth forecast for the sector based on good prospects of soy and coffee output.
GDP was up in 2019, driven by investment and household expenditure, Fundação Getulio Vargas’ GDP Monitor report shows. The index is not the official GDP.
Such was the result as of the end of 2019. The country is working to get its finances in order amid a volatile oil market.
The emirate welcomed 16.73 million foreign visitors last year, up 5.1% from a year before.
Financial institutions have reduced their estimate for the National Extended Consumer Price Index (IPCA) from last week’s 3.58% to 3.56%.
Financial institutions estimate that the Brazilian economy will end 2019 with a growth of 1.17%. Projection is slightly better than last week’s.
The Brazilian state’s Gross Domestic Product grew month-on-month.
