March 4, 2020 / 2:04 PM / 25 days ago

Citi cuts Brazil 2020 GDP forecast to 1.6%, lowers interest rate outlook

BRASILIA, March 4 (Reuters) - Economists at U.S. bank Citi on Wednesday lowered their 2020 Brazilian economic growth forecast to 1.6% from 2.0%, the latest in a wave of downward revisions for Latin America’s largest economy on the back of the coronavirus outbreak.

They also revised their forecast for the central bank’s benchmark Selic interest rate to 3.5% from 4.25%, starting with a 50 basis point cut at its March 17-18 policy meeting then a 25 bps cut in May, with the risk of it going even lower this year. (Reporting by Jamie McGeever Editing by Chizu Nomiyama)

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