The Bank has revised down its forecast for Brazilian GDP growth this year in 0.7 percentage point, to 1.5%.
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Expected economic growth in Brazil shrank from 1.98% to 1.97% this week from the last one, as per the Central Bank’s Focus Bulletin.
Global expansion is weakening amid risks, says International Monetary Fund economic counsellor and director of Research Gita Gopinath.
The country’s economy picked up by a higher rate than it had in 2017, although it fell short of what had been provided for in the Budget Bill.
The country’s economy grew year-to-date through September of this year.
The Arab country’s economy will see 1% to 1.5% growth in 2018 before eventually reaching 3% in the medium term. With a heightened public debt, it needs international aid in welcoming Syrian refugees, the Fund said.
The growth seen in 2018’s first three months is the highest since 2014’s Q2.