Brazil's financial institutions on Monday reduced the 2018 economic growth forecast to 1.5%, half the initial estimate issued at the beginning of the year, according to the Central Bank weekly survey. The Focus Bulletin, which interviews analysts and economists from Brazil's financial market every Monday, the country's growth estimate was actually reduced from the previous week's 1.53%.
A nationwide protest by Brazilian truckers was slow to unwind on Monday, even after the week-long demonstrations against diesel price hikes got the government to cave to their demands, causing stocks and the currency to slide.
Brazil's policy makers welcomed an upward revision of the country's growth by the International Monetary Fund, while downplaying the fact its estimate remains lower than others.