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By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – Despite some positive economic indicators, economists are forecasting an even lower economic growth for 2016 than previously estimated, concludes Brazil’s Central Bank in its weekly Focus Bulletin. According to the report, economists surveyed increased their 2016 GDP retraction from 3.16 percent to 3.20 percent.

Economists however maintained their inflation forecast at 7.34 percent, still above the 6.5 percent inflation target determined by the Central Bank. The numbers for 2017, however, are more optimistic.

According to the latest Focus Bulletin report Subscribe to our Premium Membership Plan. Already Subscribed?