May 13, 2020 / 7:04 PM / 25 days ago

Bank of America cuts Brazil GDP forecast to -7.7% from -3.5%

BRASILIA, May 13 (Reuters) - Brazil’s economy will shrink by 7.7% this year, according to new forecasts from economists at Bank of America, a sharp revision from their previous call of a 3.5% contraction and one of the gloomiest outlooks yet for Latin America’s largest economy.

Brazil’s government will likely post a record primary budget deficit worth 9.3% of gross domestic product this year due to crisis-fighting spending measures and a huge drop in tax revenue, they added. (Reporting by Jamie McGeever Editing by Chizu Nomiyama)

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