Brazil is the second most hit country, next to the United States, of the coronavirus pandemic. Out of the 5,497,538 registered confirmed cases as of May 26 14:25 UTC worldwide, Brazil has 363,211 positive cases with 22,666 deaths.
Reuters polls published Monday, May 25, 2020, showed an unnerving forecast to the country’s economy, which could mark the worst-ever performance in Brazil’s history.
At a glance:
- Out of the 38 economists surveyed between May 18 to 22, median estimates revealed a 1.5% drop in the first quarter compared with the previous quarter, with an annual term pointing at 0.4% fall — indicating the “poorest reading” since the fourth quarter of 2016.
- Its second-quarter prediction expects economic activity to plummet at 12.7%.
- The GDP contraction points at 6.3%, which is far below the -4.7% official forecast.
- Economists predict that Brazil’s economy will bounce back in 2021 with a 3.5% growth rate.
Economists surveyed by Reuters note that these contractions stem from lower consumer spending and private investment in the country. Government expenditure and net trade also pose a mild offset.
Full Story: Reuters