May 6, 2020 / 2:24 PM / a month ago

Brazil's economy to shrink 7.4% this year on coronavirus crisis - Societe Generale

BRASILIA, May 6 (Reuters) - Brazil’s economy will contract 7.4% this year as the coronavirus crisis takes a sledgehammer to demand, production and services, economists at Societe Generale said on Wednesday, adding that the national debt will hit 100% of gross domestic product in 2022.

That would be by far the biggest annual collapse in economic activity in more than half a century, and is a sharp revision from their earlier forecast of minus 2%. Even now, risks are to the downside “given the persistent uncertainty over the pandemic situation.” (Reporting by Jamie McGeever Editing by Chizu Nomiyama)

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