By Guillermo Parra-Bernal

SAO PAULO, July 8 (Reuters) - Brazilian stock prices fell nearly 1.5 cent on Wednesday and the country's currency weakened, reflecting what traders said was unease in world equities markets over forecasts pointing to a dour economy this year.

The benchmark Bovespa index .BVSP fell for a fifth day, shedding 1.45 percent to 48,738 points, ahead of Thursday's holiday in Sao Paulo, Brazil's largest industrial and financial hub. Mid-morning trading volumes remained below daily averages, suggesting the possibility of strong price swings along the day.

The real (BRBY: Quote, Profile, Research), Brazil's currency, weakened below 2 per dollar for the first time since June 23, easing by about 0.6 percent to 2.005 reais to the dollar.

In an update of its World Economic Outlook, the IMF said Wednesday that the global economy is likely to contract 1.4 percent this year, a touch steeper than the 1.3 percent decline it expected in April.

Still, investors remain skittish over the outlook for corporate earnings in the United States. Alcoa Inc (AA.N: Quote, Profile, Research), the first company in the Dow Jones industrial average to report earnings, is expected to post its third consecutive quarterly loss as demand for aluminum tumbled.

"In spite of the overall mood, which remains tense, the IMF's report has given markets some relief," said Silvia Ludmer, an economist with Banco Fator in Sao Paulo. "Shares will seesaw for the rest of the trading session."

Petrobras (PETR4.SA: Quote, Profile, Research) fell 2.1 percent to 28.73 reais after oil CLc1 tumbled more than 2 percent.

Foodmaker Perdigao (PRGA3.SA: Quote, Profile, Research) tumbled 3 percent to 38.8 reais, its lowest since July 3. On Tuesday, the antitrust regulator said it imposed restrictions to Perdigao's $700 million takeover of rival Sadia SDIA4.SA until a final ruling is made.