Social News XYZ     

Brazil’s financial market raises 2023 economic growth forecast to 0.85%

Brazil's financial market raises 2023 economic growth forecast to 0.85%

Brasilia, March 7 (SocialNews.XYZ) Brazil's financial market slightly upgraded its economic growth forecast for 2023, from 0.84 per cent to 0.85 per cent, the central bank said.

It was the third time in a row that top financial analysts surveyed by the bank for its weekly report upgraded their growth forecast for this year, though they maintained their 2024 forecast at 1.5 per cent, reports Xinhua news agency.

 

Last week, the Brazilian Institute of Geography and Statistics (IBGE) said the country's gross domestic product (GDP) grew 2.9 percent in 2022, after rising 5 per cent in 2021.

Analysts' inflation forecast held steady at 5.9 per cent for this year and at 4.02 per cent for the next.

Brazil's target inflation was set at 3.25 per cent for 2023 and at 3 per cent for 2024, in both cases with a 1.5 percentage point margin of tolerance.

Analysts also maintained their forecast for the benchmark interest rate, which is now 13.75 per cent annually, at 12.75 per cent for the end of the year, with a gradual decline in 2024 to 10 per cent.

The trade balance is expected to see a surplus of $57 billion in 2023 and $55 billion in 2024, with foreign direct investment projected to reach $80 billion in both 2023 and 2024.

Source: IANS

Facebook Comments
Brazil's financial market raises 2023 economic growth forecast to 0.85%

About Gopi

Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.

He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.

When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.

He can be reached at gopi@socialnews.xyz

%d bloggers like this: