The IMF revises Brazil’s growth forecast for 2021. | Photo: Gelson Bampi / Fiep System
The International Monetary Fund (IMF) has improved its GDP growth forecast for this year to 5.3%. Previously, the outlook was 3.7% in April. The estimate was presented in the World Economic Panorama report, published this Tuesday (27). The growth forecast for 2022 has been reduced to 1.9%. The improved economic forecast for Latin America and the Caribbean, according to the document, is primarily driven by growth revisions in Brazil and Mexico, reflecting better-than-expected results in the first quarter, favorable spillovers for Mexico in due to better prospects for the United States and the expansion of the terms of trade in Brazil, mainly driven by higher raw materials.