Wed, 21 Oct 2020

BRASILIA, Sept. 21 (Xinhua) -- Brazilian financial analysts reduced their forecast contraction in economic growth for 2020, from 5.11 to 5.05 percent, but kept next year's growth projection at 3.5 percent for the 16th week in a row, the Central Bank of Brazil said on Monday.

According to the bank's weekly survey of Brazil's leading financial institutions, analysts raised their inflation forecast for the year, from 1.94 to 1.99 percent, with next year's projected rate holding steady at 3.01 percent.

Expected inflation falls within the government's target rate of 4 percent in 2020 and 3.75 percent in 2021, with a 1.5 percent margin of error up or down.

The forecast benchmark interest rate remained at the current 2 percent for the end of the year and at 2.5 percent for the end of next year.

Regarding the trade balance (exports and imports), analysts forecast a surplus of 55.3 billion U.S. dollars for 2020 and 52.75 billion U.S. dollars for 2021.

Foreign direct investment is expected to reach 53.76 billion U.S. dollars in 2020 and 67 billion U.S. dollars in 2021.

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