Brazil's economy is expected to shrink by more than 5% this year, a weekly central bank survey of economists showed on Monday, which would be the biggest annual downturn since records began in 1900.
FILE PHOTO: A costumer looks for drinks at a supermarket in Rio de Janeiro, Brazil May 10, 2019. REUTERS/Pilar Olivares
The new consensus forecast of -5.1% is sharply down from the previous week’s forecast of a contraction of 4.1%, and marks the 14th consecutive downgrade as the economic impact from quarantine and social isolation measures to combat the coronavirus outbreak becomes clearer. The latest FOCUS survey showed the 10th consecutive decline in inflation expectations for this year, to 1.6%, which would be marginally lower than the trough of 1.65% in late 1998 and early 1999.The central bank is expected to cut its key Selic interest rate by a further 75 basis points this year to a record low 2.25%, the survey showed, down from last week’s average forecast of 2.50%.
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