RIO DE JANEIRO, BRAZIL – The Organization for Economic Cooperation and Development (OECD) has revised its projection for growth in Brazil’s Gross Domestic Product (GDP) in 2021 to 5.2%, according to a quarterly report released Tuesday, 21. In May, the Paris-based entity expected the Brazilian economy to grow only 3.7% this year.
By 2022, however, the OECD has lowered its forecast for Brazilian GDP, from 2.5% to 2.3%, says the document.
The spread of the delta variant of Covid-19 slowed down the pace of recovery of the global economy but will not stop it, according to new projections released by the OECD. The entity slightly reduced its forecast for global Gross Domestic Product (GDP) growth in 2021, from 5.8% to 5.7%, but adjusted its projection for advancement in 2022, from 4 4% to 4.5%.
In the case of the United States, the OECD reduced its growth estimate for 2021 from 6.9% to 6%. The projection for the Euro Zone was revised upwards, from 4.3% to 5.3%. China’s was unchanged at 8.5%.
By 2022, the OECD foresees an expansion of 3.9% in the USA and 4.6% in the eurozone. Previously, the projections were for gains of 3.6% and 4.4%, respectively. For China, the entity reiterated expectations that its GDP will grow 5.8% next year.
In the document, the OECD also raised inflation projections for this year but reaffirmed that it expects prices to decelerate in 2022, as vaccination campaigns against the Covid-19 advance in Asia and other parts of the world.