Brazil's central bank upgrades 2020 growth forecast to 5 pct drop in GDP

BRASILIA, Sept. 24 (Xinhua) -- The Central Bank of Brazil upgraded its economic growth forecast for 2020, from a 6.4 percent contraction to a 5 percent contraction, the bank said Thursday in its Quarterly Report on Inflation.

Available indicators show that despite a sharp drop in economic activity in the second quarter, activity resumed at a faster rate than expected following the peak of the novel coronavirus (COVID-19) pandemic, according to the report.