LatinNews Daily - 09 September 2020

* International ratings agency Moody’s Investors Service has updated its analysis on Brazil, noting that “economic contraction appears to have bottomed out”, and that the recession resulting from the coronavirus (Covid-19) pandemic and related economic crisis “will be less severe than investors anticipated”. Noting that uncertainty still remains, Moody’s now forecasts a GDP contraction of 6.2% this year, a larger decline than the 4.7% contraction anticipated by the Brazilian government. In its September 2020 Global Outlook, released on 7 September, ratings agency Fitch revised its projection for Brazil’s 2020 GDP growth to -5.8%, up from -7% previously. Both Moody’s and Fitch have noted that the pace of recovery in 2021 will in part depend on fiscal adjustments and the progress of promised reforms to the tax system and public administration. 

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