March 19, 2020 / 12:18 PM / in 17 days

Brazil govt to cut 2020 GDP outlook Friday 'in line with the market' - official

BRASILIA, March 19 (Reuters) - Brazil’s government will announce its new economic growth forecasts on Friday, which will be “well below” the 2.1% revised outlook announced only last week, special secretary to the Economy Ministry Waldery Rodrigues said late on Wednesday.

“(It) is in line with the market. In fact, several projections have already indicated values ​​between 0.5% and 0%. Our numbers reflect all these changes”, Rodrigues said.

The government last week reduced its 2020 gross domestic product forecast to 2.1% from 2.4%, and as recently as last Friday Economy Minister Paulo Guedes was optimistic growth could reach 2.5%.

But a wave of private sector forecasts in recent days factoring in the likely impact from the global coronavirus pandemic suggests Brazil will barely grow at all this year, and will probably fall into recession.

Reporting by Gabriel Ponte; Writing by Jamie McGeever; Editing by Bernadette Baum

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