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22/02/2018 - 15:13hs

Banco do Brasil sees GDP growing 2.8%

The bank’s chairman Paulo Caffarelli believes consumption will once again be the primary driver of economic growth.

São Paulo – Banco do Brasil chairman Paulo Caffarelli said this Thursday (22) that the bank sees Gross Domestic Product (GDP) growing 2.8% in 2018. “Regarding macroeconomics, we expect the economy to keep growing, in line with the rebound that began in 2017, and Banco do Brasil’s forecast is that the GDP will grow by around 2.8% in 2018,” he said, after announcing that the bank posted BRL 11.1 billion (USD 3.4 billion) in net profit last year.

He also said consumption will be crucial to the economy. “Consumption will once again be the primary driver in this rebound, as will agriculture. We will also see positive results in investments, which are poised to go up after dropping for several years.”

In 2018, Banco do Brasil expects to see BRL 11.5 billion to BRL 14 billion (USD 3.5-USD 4.2 billion) in net profit. “I believe that in spite of some external uncertainty, widespread liquidity and low risk aversion will favor the funneling of funds into emerging economies, and Brazil, with its balanced inflation and monetary policy, will surely benefit from that. We have major projects underway in infrastructure that are likely to attract foreign capital,” said Caffarelli.

*Translated by Gabriel Pomerancblum

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