Brazil slashes 2017 growth forecast to 0.5%

BRASÍLIA: Brazil halved its 2017 economic growth forecast Wednesday, to 0.5 percent from 1.0 percent, indicating weaker confidence in a quick exit from the country’s worst recession in history.

The government had already scaled back its 2017 forecast last November from 1.6 percent. However, the finance ministry still remains bullish that Brazil’s economy will rebound, predicting 2.5 percent growth in 2018.