BRASILIA - Economists at Barclays have cut their Brazilian growth forecasts, the latest in an expanding clutch of observers to say the spillover from disappointing data late last year means growth this year will now be barely above 2%.
The magnitude of the changes may not be huge, but the direction of travel is significant. Economy Minister Paulo Guedes has been vocal in championing growth of up to 2.5% this year, so barely more than 2% would be deeply disappointing. Pointing to tighter fiscal policy, the widening current account deficit and especially the coronavirus impact, economists at Morgan Stanley say their 2020 growth forecast is likely to soon be revised to below 2.0%.
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