IMF: Brazilian and Portuguese economies quicken, other Portuguese-speaking countries slow

The International Monetary Fund (IMF) raised its 2022 economic growth forecasts for Brazil and Portugal while lowering those for most African Portuguese-speaking countries.

Brazil is growing 2.8% this year in the Latin American region, a 1.1 percentage point increase from the July estimate.

In its global economic forecasts, the IMF projects Portugal’s GDP to grow by 6.2% this year, an improvement on the previous estimate of 5.8%.

For next year, the IMF sees the economy expanding by just 0.7%, a 1.2 percentage point decrease.

Angola’s growth was revised downwards, with an expansion of 2.9% now being forecast for this year, below the previous estimate of 3%.

Equatorial Guinea is expected to grow 5.8% this year (6.1% previously), with the economic recession estimated for next year worsening to 3.1%.

Mozambique and São Tomé and Príncipe had growth estimates revised downwards, from 3.8% to 3.7% and from 1.6% to 1.4%, respectively, while the forecast of 3.8% growth for Guinea-Bissau was maintained.

The Fund now estimates that Cabo Verde will grow by 4% instead of the 5.2% forecast in April.

For the African region, the IMF revised its growth forecast downwards, now estimating the growth of 3.6% and 3.7% this year and the next, with inflation rising to 14.4%.

In sub-Saharan Africa, it adds, the outlook is worse due to lower growth of trading partners, tighter financial and monetary conditions, and a negative shift in raw material trade.

With information from CL Brief

Related coverage: Bolsonaro stresses deflation and overall improvement in Brazilian economy · Brazilian coffee exports rise 4.5% · PAHO claims that the Americas region is facing four public health emergencies · Brazilian Economy Minister criticizes IMF: "It has to work a little more"

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