LatinNews Daily - 16 July 2020

* The Brazilian government has released its latest macroeconomic update, in which it has left its economic growth forecast unchanged from May, standing by its prediction of a 4.7% contraction in GDP in 2020. This is an optimistic outlook compared with recent predictions from market analysts. The latest Focus bulletin, a weekly survey of economists undertaken by Brazil’s central bank (BCB), predicts a 6.1% contraction. The United Nations Economic Commission for Latin America and the Caribbean (Eclac) is gloomier still, revising its 2020 GDP projection for Brazil to -9.2% in its July update, down from a 5.2% contraction expected in April. Brazil’s economy ministry claims that the economic outlook has improved since hitting “rock bottom” in April, when the coronavirus (Covid-19) pandemic paralysed economic activity, highlighting measures to postpone tax payments and improve access to loans.

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