Brazilian financial market reduces 2019 growth forecast to 2pc

23rd April, 2019 09:57:32 printer

BRASILIA: Brazilian financial market analysts lowered the gross domestic product (GDP) growth forecast for the current year from 1.95 percent to 1.71 percent for the eighth time in a row, the Central Bank of Brazil said Monday.

According to the Focus survey conducted by the central bank, the growth forecast was at 2.55 percent at the beginning of the year, reports Xinhua.

The reduction is related to a slower-than-expected recovery pace and the difficulty for the government to secure support in Congress to approve the proposed pension reform.

The financial analysts also reduced the GDP growth forecast for next year from 2.58 percent to 2.5 percent.