Brazil GDP to fall 5% or more this year: central bank chief Campos Neto

Brazil GDP to fall 5% or more this year: central bank chief Campos Neto

BRASILIA (Reuters) – Brazil’s economy will likely shrink by 5% or more this year, central bank president Roberto Campos Neto said on Friday, which would be a record annual downturn and worse than the government’s current forecast of a 4.7% contraction.

Speaking in a live webinar event hosted by Valor Capital Group after figures showed that Brazil’s economy shrank by 1.5% in the first quarter, Campos Neto also said that a coronavirus-fueled ‘fear factor’ will hang over the world economy at least until the middle of next year.

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