Brazil upgrades 2024 economic growth forecast to 1.75 pct

BRASILIA, Feb. 27 (Xinhua) -- Brazil's financial market upgraded its forecast for the country's economic growth in 2024 from 1.68 percent to 1.75 percent, and maintained its 2025 projection at 2 percent, the Central Bank of Brazil said Tuesday.

According to the bank's weekly Focus survey of the country's main financial institutions, market analysts lowered forecast inflation for this year, from 3.82 percent to 3.80 percent, and from 3.52 percent to 3.51 percent for the next year.

Price index projections fell within the target range set by the National Monetary Council: 3 percent with a margin of tolerance of 1.5 percentage points.

Analysts maintained their forecast for the benchmark interest rate at 9 percent for this year and at 8.5 percent for the next year. The indicator is currently at 11.25 percent annually.

Regarding the Brazilian currency exchange market, where the real currently trades at 4.97 to the U.S. dollar, analysts expect the real to trade at 4.93 to the U.S. dollar by the end of 2024 and at 5 to the dollar by the end of 2025.

Trade balance (exports versus imports) is projected to see a surplus of 80.98 billion U.S. dollars in 2024 and 72.05 billion U.S. dollars in 2025.

Foreign direct investment in Brazil should reach 67 billion U.S. dollars this year and 75 billion U.S. dollars the next year, said analysts.

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