Economists trim Brazil GDP growth view for fifth week

Silvio Cascione – Reuters, 12/17/2012

Economists trimmed forecasts for Brazil‘s economic growth this year and next for the fifth straight week, a central bank survey showed on Monday.

The largest Latin American economy — and one of the fastest growing countries only two years ago — is now expected to expand just 1.00 percent this year, down from 1.03 percent seen in the prior week, according to the poll’s median forecasts.

Brazilian businesses have suffered from lacklustre investment levels, rising labour costs and a heavy tax burden. President Dilma Rousseff has offered several stimulus measures over the past year and according to media reports is studying further steps to revive growth.