RIO DE JANEIRO, BRAZIL - The 1.5 percent drop in GDP recorded in Q1 is by no means indicative of the impact of the covid-19 pandemic on the Brazilian economy, according to banks and consulting firms. Analysts' projections point to the Brazilian economy tumbling by over ten percent over the next quarter.

Itaú Unibanco estimates that the drop will be 10.6 percent in the next quarter this year. In turn, Santander projects a contraction of 13.5 percent over the same period. XP Investments estimates that the Q2 drop will be 13.7 percent.

American investment bank Goldman . . .

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