IMF predicts next to no GDP growth for Brazil this year

imf gdp brazil
PIB is the Portuguese equivalent of GDP. Photo: Rafastockbr/Shutterstock

In its latest World Economic Outlook report, the International Monetary Fund (IMF) made a significant cut to its projections for Brazil’s 2022 GDP performance. From expectations of 1.5 percent growth, the IMF now forecasts an increase of just 0.3 percent by the end of the year.

The fund noted that Brazil’s growth outlook had fallen as “the fight against inflation has prompted a strong monetary policy response, which will weigh on domestic demand.”

Projections for 2023 GDP growth were also cut, falling from 2 percent to 1.6 percent.