LatinNews Daily - 23 June 2020

* International ratings agency Moody’s Investors Service has revised down its 2020 GDP forecast for Brazil (and for a number of other G-20 economies), citing “larger than previously thought” effects of the coronavirus (Covid-19) pandemic, and of lockdowns aiming to contain its spread, in the second quarter of the year. In its June 2020 update of its ‘Global Macro Outlook 2020-21’, which warns that “the [global] recovery will be long and bumpy”, Moody’s expects Brazil’s GDP to contract by 6.2% this year (down from a projected -5.2% previously). Moody’s also warns that a high risk in the resurgence of Covid-19 infections makes the recovery uncertain, and that this is particularly true of Brazil, which stands out as a country that is “not testing enough” and “may have to battle a damaging health crisis”.    

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