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The World Bank increases Brazilian GDP forecasts for 2023 and 2024

The World Bank increases Brazilian GDP forecasts for 2023 and 2024

According to the foundation, the national GDP will grow by more than 3% in 2023

Fernando Haddad (left) and Luiz Inácio Lula da Silva

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247 – The World Bank (BM) has increased growth forecasts for the Brazilian economy in 2023 and 2024, and reduced estimates of the expansion of GDP in 2025. The information was published this Tuesday (9) by O Estado de S.Paulo newspaper.

According to the institution, the gross domestic product in 2023 grew by 3.1%. Previous forecasts, issued in June last year, indicated an expansion of 1.2%. “The upward revision to 2023 growth was driven by stronger-than-expected performance in agricultural production, private consumption and exports in the first three quarters of the year,” the central bank said in the report.

For 2024, forecasts are that GDP will rise by 1.5%, or 0.1 percentage point more than the previous estimate. For 2025, the central bank estimated growth at 2.2%, lower than the previously expected expansion of 2.4%.

The monetary authority also defended “further interest rate cuts, supporting medium-term investment and consumption prospects” in Brazil. Currently, the base interest rate, Selik, is 11.75%. On January 30 and 31, representatives of the Monetary Policy Committee (Copom), linked to the Central Bank of Brazil (BC), will announce another decision on the ratio. BC is headed by Roberto Campos Neto.

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