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Brazil to grow less, says OECD

Staff writer |
Brazil's Gross Domestic Product (GDP) should be up 0.3% this year, as per a report by the Organization for Economic Cooperation and Development (OECD).

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Former estimates for this year were 1.8%, as of May this year, and 2.2%, as of November 2013.

The OECD believes the Brazilian GDP will be up 1.5% in 2015 and 2% in 2016. According to the organization's report, following the decline in the first half of 2014, economic activity should pick up gradually.

“However, growth will remain modest due to tighter monetary and fiscal policies, weak external demand, low investment levels and persistent infrastructure bottlenecks,” the report reads.

The OECD estimates the country should end the year with a 6.5% inflation rate. Inflation should be 5.4% in 2015 and 5.1% in 2016.

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