Brazil's economy to shrink 4.11% in 2020

Brasilia: Brazilian financial analysts downgraded their economic forecast for the year from a 3.76-per cent contraction in the gross domestic product (GDP) to 4.11 per cent, the Central Bank of Brazil said on Monday.
The adjustment marked the 13th week in a row that economists had downgraded their projections for economic growth, according to the bank's weekly Focus poll of leading financial groups.
Their growth forecast for 2021 remained steady at 3.2 per cent.
The Brazilian real is expected to trade at 5 to the US dollar by year's end, as previously forecast. But 2021's projected exchange rate was modified from 4.75 to 4.83 reals to the US dollar.
Brazil's trade balance will see a surplus of 42.5 billion US dollars this year and 42 billion dollars the next, analysts estimated, with foreign direct investment reaching 70.75 billion dollars in 2020 and 79 billion dollars in 2021.