Brazil forecasts 1.68 pct growth in economy in 2024

Brazil's financial market forecasted a 1.68-percent growth in the country's GDP in 2024 and a 2-percent growth in 2025, the Central Bank of Brazil said Thursday, Xinhua reports. 

Analysts modified the inflation forecast, from 3.82 percent to 3.81 percent in 2024, and from 3.51 percent to 3.52 percent in 2025.

Price index projections fell within the parameters set by the National Monetary Council, that is 3 percent with a 1.5 percentage point margin of tolerance.

Market analysts maintained their forecast for the benchmark interest rate at 9 percent for this year and at 8.5 percent for next year. The rate is currently at 11.25 percent annually.

Analysts expect the exchange rate for Brazil's currency, which currently trades at 4.93 Brazilian reals to the U.S. dollar, to continue through 2024, before reaching 5 reals to the dollar by the end of 2025.

Foreign direct investment in Brazil should register 66.5 billion dollars in 2024 and 75 billion dollars in 2025, according to analysts.