As forecasts for Brazil’s economy worsen, the nation’s GDP is expected to decline 3.4 percent in 2016, according to a government report.
The expected decline of GDP rose to 3.4 percent from a previously-forecasted 3.33 percent, but growth is not expected until 2017, according to the report of the nation’s central bank.
Brazil’s central bank said GDP should grow 0.5 percent in 2017, instead of 0.59 percent, as previously forecast.
The inflation rate should reach 7.62 percent in 2016. Forecast for the dollar exchange rate has slightly declined from BRL 4.38 to BRL 4.36 by the end of the on-going year. For 2017, the outlook remains stable with the USD quoted at BRL 4.40.