LatinNews Regional Monitor: Brazil & Southern Cone - 23 March 2020

* Brazil’s economy ministry has released updated projections for GDP growth, slashing its projections from 2.1% to just 0.02% for 2020, as a global recession resulting from the coronavirus (Covid-19) pandemic now appears inevitable. The economy ministry notes that recent and rapid changes in some key areas influenced this significant downwards revision: the expected downturn in global growth, which impacts demand for Brazilian exports; the terms of trade, with a weak real and tumbling commodities prices; a breakdown in the chain of production; and volatile financial conditions.

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