Credit ratings agency Fitch has lowered its estimates for the Brazilian GDP in 2020, now expecting a 6-percent plunge by the end of the year, down from its previous 4-percent estimate. The coronavirus-led recession, however, should be followed by a 3.2-percent GDP increase in 2021, says the agency.
According to the report, obtained by newspaper Valor, emerging markets — with the exception of China — are the prime culprits for the agency’s worsening expectations for the global GDP, which it expects to contract 4.6 percent this year.
“The biggest contribution to the lower global GDP estimates comes from emerging markets, except China. Now we expect the GDP to fall by 5 percent in India and Russia, and 6 to 7 percent in Brazil and Mexico,” Fitch analysts were quoted as saying. Moreover, developed economies should experience an average 6.4 percent GDP contraction, and the U.S. and Europe will need more than two years to fully recover to pre-pandemic levels, says the report.
Support this coverage →The specialization trend among corporate board members It is not only a matter of perception:…
Panama will hold its presidential elections on Sunday, months after huge protests saw thousands descend…
The city of Rio de Janeiro estimates that a Madonna concert this Saturday on Copacabana…
Latin America’s trend of banning opposition candidates from elections has caught on in an ever-growing…
The São Paulo City Council on Thursday approved legislation authorizing Brazil’s largest city to sign…
The preliminary report on AI regulations presented to Brazil’s Senate last week provides a middle-of-the-road…