By Lise Alves, Senior Contributing Reporter
SÃO PAULO, BRAZIL – Financial institutions in Brazil reduced on Monday the country’s economic growth forecast for the eighth consecutive time this year, showed the Central Bank’s weekly Focus Survey. The estimate for this year’s GDP dropped from 1.95 percent to 1.71 percent.
According to economists, however, if at the beginning of the Bolsonaro Administration the market was over-optimistic, now it is over-pessimistic.
“The market erred, during the euphoria just after the elections, by overestimating the performance of the economy,” wrote economist and former CADE (Brazil’s . . .