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Itaú raises Brazil’s GDP projection; does not see Fed and Covid Delta variant impacting recovery

RIO DE JANEIRO, BRAZIL - Itaú raised its projection for Brazilian Gross Domestic Product (GDP) growth in 2021 from 5.5% to 5.8%. For 2022, the projection rose from 1.8% to 2% growth.

According to the bank's economic team, Brazil's GDP should accelerate significantly in Q3 2021 as the service sector recovers and the goods sector remains a pillar of the upturn. In addition, Itaú projects that the progress of vaccination in the country should lead to economic normalization in Q4: "we expect the entire population over 18 to have been administered the first dose by end . . .

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