April 28, 2020 / 3:29 PM / a month ago

UBS lowers Brazil 2020 GDP growth forecast to -5.5% from -2.0%

BRASILIA, April 28 (Reuters) - Economists at Swiss bank UBS on Tuesday lowered their outlook for Brazil’s economy this year, and are now forecasting gross domestic product to shrink by 5.5% compared with a 2.0% contraction previously.

That would mark the biggest annual fall in GDP in at least half a century, according to central bank data. UBS economists Tony Volpon and Fabio Ramos said GDP could even fall 10.1% in the most pessimistic scenario of the coronavirus pandemic lasting into next year. (Reporting by Jamie McGeever Editing by Chizu Nomiyama)

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