Brazil’s New Central Banker Sees Huge GDP Drop, Grim Outlook
- As top Itau economist, he expected GDP to fall more than 3.7%
- Markets have rallied on hopes new cabinet can revive growth
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Brazil’s new central banker Ilan Goldfajn comes to the job with a sober view on Latin America’s largest economy, saying approval for recovery measures will be hard to come by.
As chief economist for Brazil’s largest bank Itau Unibanco Holding SA, Goldfajn expected a deeper economic contraction than the 3.7 percent median forecast by 41 economists in a Bloomberg survey.