March 18, 2020 / 12:10 PM / 19 days ago

UBS cuts Brazil 2020 GDP growth forecast to 0.5% from 1.3% - report

SAO PAULO, March 18 (Reuters) - Swiss investment bank UBS on Wednesday slashed its forecast for Brazil’s Gross Domestic Product in 2020 to 0.5% growth from 1.3% last week, as the latest coronavirus outbreak developments are likely to lead to a global recession.

“We expect the economy to be impaired in the second-quarter, not only due to the primary effects of global production disruptions in the first-quarter, but also from the lagged effects of deteriorating financial conditions and mounting domestic supply disruptions,” analysts Fabio Ramos and Tony Volpon said in a report on Wednesday. (Reporting by Gabriela Mello; Editing by Alex Richardson)

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