Brazil­ian econ­omy faces con­trac­tion

China Daily (USA) - - BUSINESS -

Brazil’s econ­omy will con­tract by 3.3 per­cent in 2016 and grow 1.3 per­cent in 2017, said a quar­terly eco­nomic pro­jec­tion pub­lished on Tues­day by the Brazil­ian Cen­tral Bank. Ac­cord­ing to the re­port, Brazil will reg­is­ter two con­sec­u­tive years of eco­nomic con­trac­tion, af­ter the gross do­mes­tic prod­uct fell 3.8 per­cent in 2015. The BCB’s pre­dic­tions are slightly less pos­i­tive than those of the fi­nan­cial mar­ket economists’ av­er­age, which pre­dicted a 3.14-per­cent eco­nomic con­trac­tion on Mon­day for 2016, with economists’ pre­dic­tions be­ing the same as the BCB’s for 2017.

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