Experts lowered their predictions on growth in Latin America’s largest economy as fears over the coronavirus spread.
According to the Banco Central do Brasil’s Focus poll, expected gross domestic product growth for 2020 fell to 1.68%, down from 1.99% in the first quarter of this year and 2.23% in the last quarter of 2019.
Expectations of economic growth in 2021, 2022, and 2023 remained the same at 2.5%.
Those polled also expect the central bank to cut interest rates by 50 points to 3.75%. Many central banks around the world have cut rates in recent weeks in order to boost economic growth during the coronavirus crisis.