Brazilian financial analysts slightly upgraded their growth forecast for 2020, from a 4.41% drop in gross domestic product (GDP) to a 4.4% drop, the Central Bank of Brazil reported.
According to the bank's weekly survey of 100 of the country's leading financial groups, analysts downgraded the GDP growth forecast for 2021, from a 3.5% expansion in GDP to 3.46%.
Brazil's economy is expected to contract this year due to the impact of the novel coronavirus pandemic, despite seeing a recovery in recent months.
Analysts raised their inflation forecast for this year, from 4.35% to 4.39%, the ninth consecutive weekly increase, and for next year, modified it from 3.34% to 3.37%.
The benchmark interest rate, which is currently at 2% annually, is expected to increase to 3% next year.
Brazil's expected trade surplus was reduced from 57.63 billion U.S. dollars to 56.15 billion dollars in 2020, and from 56.5 billion dollars to 55.1 billion dollars in 2021.