The International Monetary Fund now forecasts that gross domestic product in Brazil will expand by 0.7 percent this year, having forecast in April expansion of just 0.2 percent, Lusa reports.

The Portuguese news agency, citing the latest IMF World Economic Forecast report, also says the fund now expects Brazilian GDP to grow by 1.5 percent next year.

“An increase in harvests and an improvement in consumption, made possible by workers’ access to their savings, led to a half-percentage-point upward revision from April’s forecasts, the IMF says.

“Gradual recovery of confidence, due to reforms that will guarantee budget sustainability over time, should increase growth to 2 percent in the medium term,” Lusa quotes the fund as saying.

 

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