Brazil's economy grew 1.1% last year, official figures showed on Wednesday,...
BRASILIA - Brazil’s economy grew 1.1% last year, official figures showed on Wednesday, the lowest GDP growth rate in three years as a fourth-quarter slowdown pointed to a continuing weak recovery from the 2015-16 recession this year.
Economists at Citi on Wednesday became the latest to slash their 2020 growth and interest rate outlook, while Brazil’s real slumped to a new low of 4.58 per dollar as expectations snowballed that the central bank will soon cut rates. Latin America’s largest economy grew by 0.5% in the fourth quarter, statistics agency IBGE said, in line with the median forecast in a Reuters poll of economists and slightly slower than 0.6% in the preceding quarter.
“The most important thing to note is that this is a ‘more than 1%, but less than 2% economy’. We have had three years of economic reforms, but it isn’t showing up in the performance of the economy,” said Jose Francisco Goncalves, chief economist at Banco Fator in Sao Paulo. Responding to the figures, Economic Policy Secretary Adolfo Sachsida told Reuters the government would lower its 2020 growth forecast next week, but not below 2%.
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