Later last week, Brazil’s economy ministry had issued a statement saying that the largest LATAM economy would likely to witness an economic growth of 2.7 per cent this year, illustrating a better-than-anticipated performance comapared to major G20 economies which have been grappling with a gruelling upsurge in inflation indicators.
As of August, US inflation has been hovering at 8.6 per cent, while UK inflation has been nearing a double-digit figure. Besides, Australia’s inflation rose by 1.6 per cent over first half of the year, while the country’s CPI rose 6.1 per cent as of June 30, 2022.
On fop of that, Kiwis are witnessing a jump of 7.3 per cent in Consumer Price Index. With many European economies expecting a double-digit inflation in a near-term outlook, the EU had logged a record 9.1 per cent rise in CPI over past twelve months through July.
As inflation indicators are soaring at a breakneck pace in G7 nations, Brazil has been witnessing a deflation, as its CPI fell from an earlier 10.07 per cent to 8.3 per cent in August.
Brazil raises growth forecast
Aside from that, according to Ministry’s Secretariat for Economic Policy of Brazil, latest move from the Brazilian Economy Ministry to raise its 2022 growth forecast to 2.7 per cent from an earlier projection of 2.0 per cent, came forth as the largest LATAM economy and the world’s 10th largest economy by nominal GDP had witnessed a GDP growth of 1.2 per cent between April and June.
Besides, the secretariat said in a statement, “The first releases for July suggest that industry, services, and the labor market continue to grow. The confidence series confirm the positive expectations for the third quarter, with widespread expansion in the various sectors”.