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Brazil's financial market again downgrades growth forecast for 2020
Last Updated: 2020-03-03 05:27 | Xinhua
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Brazilian financial analysts downgraded their 2020 economic growth forecast for the third week in a row, the Central Bank of Brazil said Monday.

In the bank's weekly survey of the country's leading financial institutions, analysts lowered their previous projected growth rate of 2.2 percent to 2.17 percent.

Analysts maintained their growth projections for 2021 at 2.5 percent.

Experts also reduced their inflation forecast for 2020, from 3.2 percent to 3.19 percent, while maintaining their previous 3.75 percent projected inflation rate for 2021.

Expected inflation falls within the government's target range of between 2.5 percent and 5.5 percent.

The economists maintained their estimated benchmark interest rate at 4.25 percent for 2020, but lowered the rate from 6 to 5.75 percent for 2021.

Brazil is expected to receive 80 billion U.S. dollars in foreign direct investment in 2020, and 84.05 billion dollars in 2021, the survey said.

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