Market improves GDP drop forecast for fourth week

The market saw a contraction of 5.77% in the Brazilian economy this year, the fourth week in a row that economists improved their forecast, according to the Central Bank's Focus survey released on Monday. In the previous week, the projection was that gross domestic product (GDP) would suffer in 2020 decrease of 5.95%. For 2021, the expectation of economic growth of 3.50% remains. The experts consulted in the monthly survey also adjusted their scenario for inflation, seeing the IPCA rise this year of 1.67%, against 1.72% before. For 2021 the projection is inflation of 3.0%, unchanged.