The International Monetary Fund (IMF) has revised upward its forecast for the growth of Brazilian economy this year by 0.1 percentage point but cut next year’s outlook for growth, according to the latest report released by the IMF.
The IMF forecasts the economy will grow by 0.3 percent this year, a slight increase from the April estimate of 0.2-percent growth.
“Brazil’s deep recession appears close to an end,” the IMF said in its latest report on the Brazilian economy. Brazil’s economy has contracted for two consecutive years.
However, the IMF has reduced its forecast for next year from 1.7 percent growth to 1.3 percent. The economy is expected to expand by 2 percent in 2019.