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Weekly Report - 10 September 2015 (WR-15-36)

BRAZIL: Sinking faster

At the start of the year, the consensus among the economists surveyed by the central bank’s weekly Focus bulletin was that Brazil would grow by 0.5% in 2015 and by 1.8% in 2016. In the latest survey, the consensus is that the Brazilian economy will shrink by 2.44% this year and by 0.5% in 2016. Just one week ago those figures were 2.26% and 0.4%, respectively. The predictions came after the official statistics institute (Ibge), revealed that the Brazilian economy had fallen 1.9% quarter-on-quarter in the second quarter of 2015. If the reality matches the forecast, it would be Brazil’s worst economic performance since 1930. Inflation, which had shown signs of slowing, is also now expected to end 2015 higher, at 9.29%.

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