April 27, 2020 / 2:47 PM / a month ago

Citi cuts Brazil 2020 GDP forecast to -4.5%, "the worst annual contraction ever"

BRASILIA, April 27 (Reuters) - Brazil’s economy is expected to shrink 4.5% this year as the impact of COVID-19 deepens, economists at Citi said on Monday, which would signify “the worst annual contraction ever” for Latin America’s largest economy.

That marks a downward revision from their previous forecast of a 1.7% contraction. They also said unemployment will rise sharply, nearing 17% in the third quarter this year, while inflation will undershoot the lower band of the central bank’s target range this year and come in at 2.40%. (Reporting by Jamie McGeever Editing by Chizu Nomiyama)

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