Brazilian government lowers GDP growth forecast for this year and raises inflation forecast

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The Brazilian Government lowered yesterday, Friday, the Gross Domestic Product (GDP) growth forecast for this year from 2.1% to 1.61% and raised it for inflation from 4.6% to 5.31%.

As the Ministry of Finance disclosed in the Macrofiscal Bulletin, the previous GDP projection, published in November last year, minimized the effects of high-interest rates on the economy and the credit market.

“These effects (economic slowdown) were already partially verified during the last quarter of 2022 when the economy retreated 0.2 percent and credit concessions began to decelerate more sharply,” the report noted.

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