Brazil’s economy will grow just 0.3% in 2015, estimated the IMF, which reduced its forecasts due to the current state of world commodity markets and the slowdown in China.
Brazil’s economy will grow just 0.3% in 2015, estimated the International Monetary Fund, which reduced its forecasts due to the current state of world commodity markets and the slowdown in China.
The IMF, which recently provided that Brazil would grow 1.4% this year, now predicted that the increase will be 0.3%, after closing 2014 with a flat progression or even a contraction of gross domestic product (GDP), according to Preliminary Brazilian government’s own.
The largest economy in Latin America and the seventh in the world will begin a slight recovery in 2016, when the IMF expected to improve 1.5%, 0.7% less than in its latest report.
“The effects of falling commodity on the prospects for growth in Latin America are becoming more clear,” said IMF economist, Olivier Blanchard.
The IMF forecasts 2015 this region to grow 1.3% and 2.3% in 2016, primarily impacted by the slowdown in the Chinese economy -great consumer of raw materials from Latin America, from Chilean copper to soybeans brasileña-, which grew in 2014 by 7.4 %, its lowest level in decades.
The World Bank estimated meanwhile “disorderly slowdown” in Brazil and other South American countries such as Argentina and Venezuela, despite the arrival of a new economic team with the renewed mandate of the reelected president, Dilma Rousseff.
This week a panel of analysts and experts consulted by the Central Bank of Brazil predicted that GDP will progress just 0.40% in 2015, revising downwards economic prospects of the South American giant.
Inflation, which in 2014 stood at 6.41, should reach 6.60%, exceeding the government’s target of 6.50%, despite the economic slowdown.
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