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Weekly Report - 15 December 2016 (WR-16-49)

BRAZIL: Prospects look bleak

Brazil’s central bank (BCB) released the latest instalment of its monthly survey of local economists on 12 December, in which they once again revised down their economic growth projections for this year. The consensus growth forecast among economists surveyed by the BCB now is that Brazil’s GDP will contract by 3.48% this year, compared to last month’s projection of a 3.43% contraction. Meanwhile the GDP growth prospects for next year also remain negative as the economists only marginally revised up their 2017 growth projections to -0.7% from the previous -0.8% forecast.

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