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Bank of America revises up 2020 Brazil GDP forecast to -5.7% from -7.7%

Credit: REUTERS/RAHEL PATRASSO

Economists at Bank of America have revised up their outlook for Brazil's economy, which is now on track to shrink by 5.7% this year instead of 7.7% as previously forecast, they said in a note published on Wednesday.

BRASILIA, July 29 (Reuters) - Economists at Bank of America have revised up their outlook for Brazil's economy, which is now on track to shrink by 5.7% this year instead of 7.7% as previously forecast, they said in a note published on Wednesday.

"We are revising up our GDP growth forecast to -5.7% for 2020 (vs -7.7% previously) due to better-than-expected economic activity data and the start of gradual reopening in some regions," they wrote, also lowering their 2021 growth forecast to 3.0% from 3.5%.

(Reporting by Jamie McGeever Editing by Chris Reese)

((jamie.mcgeever@thomsonreuters.com; +55 (0)11 97189 3169; Reuters Messaging: jamie.mcgeever.reuters.com@reuters.net))

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