Citi Brazil now expects Brazil's Gross Domestic Product (GDP) to increase by 1.4% in 2019. This forecast is lower than the 1.8% forecast for April, well below the 2.2% previously estimated by the same bank at the beginning of the year.
The weaker growth is, according to Citi, the steady increase in the estimates for the unemployment rate in Brazil.
The Citi also predicts a 30 percent probability that the Brazilian Central Bank will start cutting interest rates in the second half of 2019.
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