Brazil and Portugal economies quicken, other PSCs slow – IMF

 

The International Monetary Fund raised its 2022 economic growth forecasts for Brazil and Portugal, while lowering those for the majority of African Portuguese-speaking Countries.

In the Latin American region, Brazil is seen growing 2.8% this year, 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 percent this year, an improvement on the previous estimate of 5.8 percent. For next year, the IMF sees the economy expanding by just 0.7 percent, a 1.2 percentage point decrease.

Equatorial Guinea, Cabo Verde and Portugal lead GDP growth in 2022 among lusophone countries

Angola’s growth was revised downwards, with an expansion of 2.9% now being forecast for this year, bellow 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.

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

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

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

 

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