Foreign direct investment in Brazil tanks 50 pct in 2020

BRASILIA, Jan. 27 (Xinhua) -- Foreign direct investment (FDI) in the Brazilian economy totaled 34.2 billion U.S. dollars in 2020, a 50 percent drop compared to 2019, when FDI reached 69.2 billion U.S. dollars, the Central Bank of Brazil reported on Wednesday.

The figure marked the lowest FDI since 2009.

Fernando Rocha, head of the central bank's statistics department, blamed the plunge in foreign direct investment on the novel coronavirus pandemic, which led to a recession in the Brazilian economy.

New investments "may have been postponed or rethought during the pandemic," said Rocha in presenting the report to the media.

According to the report, there was a drop of 37 billion U.S. dollars in capital investment by non-resident companies.

In December, the bank estimated FDI in 2021 will reach 60 billion U.S. dollars as the economic outlook improves.

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