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Financial News: BRAZIL: IMF Raises 2017 GDP Growth Forecast To

BRAZIL: IMF Raises 2017 GDP Growth Forecast To 0.7%, From 0.3%

10/10/2017 - 20:08:00 (RTTNews)

(RTTNews) - The Brazilian economy is expected to grow 0.7% in 2017 and 1.5% in 2018, said the International Monetary Fund (IMF), raising its estimates for the South American country. In the previous report, IMF projected a 0.3% growth in 2017 and a 1,3% rise in 2018.

According to the IMF, its upwards revision for the Brazilian economic growth is due to the performance of the agribusiness and higher consumption.

"In Brazil, strong export performance and a slowing down in domestic demand have allowed the economy to resume growth in the first quarter of 2017 after eight quarters of decline," the IMF noted in the report.

The Fund mentions the release of mandatory workers savings as one of the factors that helped boost the Brazilian economy but points out that the increasing political uncertainty and the weakening of investments still weigh on the country's economy.

"The gradual restoration of confidence - with the implementation of key reforms to ensure fiscal sustainability over time - should push growth to 2% over the medium term," the IMF said.

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