LatinNews Daily - 30 September 2022

*Brazil’s central bank (BCB) has updated its forecast for the country’s GDP growth in 2022 to 2.7%, up from 1.7% in its latest projection released in June. The BCB justified its decision citing the fact that GDP growth in Q2 2022 was stronger than expected and the level of economic activity is likely to improve in Q3 as a result of fiscal measures adopted by the government. Still, BCB expects a GDP expansion of only 1% for 2023, reflecting a downturn in the global economy and the effects of the tighter monetary policy in the domestic market. Last month the BCB increased Brazil’s benchmark interest rate (Selic) to 13.75% in an attempt to curb the country’s inflation, which in August stood at 8.73% (annualised rate).

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