
Analysis by Region - Emerging Markets - Global EM
Description
November activity data indicated economic activity in Brazil slowed significantly at the end of 2024, reinforcing our below-consensus GDP growth forecast of 1.8% for 2025. Monthly contractions in hard data indicators such as real retail sales, services revenue volumes, and industrial production suggest momentum will continue to weaken this year. Tighter monetary and fiscal policy stances are also likely to negatively affect growth this year.
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