World Bank forecasts Brazil's GDP growth in 2024

The World Bank has forecast the Brazilian economy to grow in 2024 and the gross domestic product (GDP) to increase in 2025.

According to the institution, GDP will grow by 3.1 per cent in 2023. The previous forecast, published last June, suggested growth of 1.2 per cent. "The upward revision to the 2023 growth forecast was driven by stronger than expected performance in agricultural production, private consumption and exports in the first three quarters of the year," the financial institution said in a report.

In 2024, GDP is forecast to grow by 1.5 per cent, up 0.1 percentage points from the previous estimate. In 2025, the World Bank estimates growth of 2.2 per cent, down from an earlier projection of 2.4 per cent.

Authorities also defended "further interest rate cuts" in Brazil. The benchmark interest rate, Selic, currently stands at 11.75 per cent. On 30 and 31 January, representatives of the Monetary Policy Committee (Copom), affiliated with Brazil's central bank, will announce a further rate decision. The country's central bank is headed by Roberto Campos Neto. This is reported by Brasil 247, a partner of TV BRICS.