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Brazil Analysts See Lower Key Rate and Economic Growth This Year

Brazil analysts cut their 2014 key rate and economic growth forecasts, after the country’s gross domestic product slowed in the first quarter on the biggest investment drop in two years.

Brazil’s central bank will hold the benchmark Selic at 11 percent this year, compared with the previous week’s forecast of an increase to 11.25 percent, according to the May 30 central bank survey of about 100 analysts published today. Analysts cut their growth estimate for this year to 1.50 percent, the lowest ever, down from 1.63 percent last week.