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Economists are revising forecasts and expecting higher GDP in 2021

Economists are revising forecasts and expecting higher GDP in 2021

Increasing business confidence in industrial sectors such as mining, pharmaceuticals and chemicals prompted economists to revise growth forecasts for GDP from 3.2% to 3.8% over the course of this year.

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247 – The GDP growth forecast for this year, which rose from 3.2% to 3.8%, was accompanied by increased confidence in industrial sectors such as metallurgy, pharmaceuticals and chemicals.

According to data from the Getulio Vargas Foundation’s Brazilian Institute of Economics (Ibre / FGV), published by the newspaper State of Sao PauloThe Business Confidence Index, which fell by 6 points in March, rose 4.3 points in April, reaching the level of 89.8, just six points lower than that recorded in February last year, before the start of the epidemic.

For the Director of General Statistics at the FGV’s Brazilian Institute of Economics (Ibre / FGV), Aloisio Campelo Júnior, although some sectors have recovered, other activities related to the service sector still face difficulties.

This list includes subsectors such as the textile trade, fishing and clothing, as well as food and hospitality, among others. “The consumption of goods has already reached levels higher than the pre-pandemic level, which hampers the consumption of services,” according to Campello’s assessment.

“Since things will not return to normal immediately, the sectors that depend on the conglomerate will gradually improve. Once there is a perception that the majority of the population is being vaccinated, even the service sector may have a stronger temporary expansion,” he added.

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