The recent downward revision of the Brazilian central bank’s GDP growth forecast  for 2012 – which now stands at 2.5%, below last year’s level – marks Mantega’s latest defeat. The market expects a 2012 GDP of just over 2%. JPMorgan, Credit Suisse and Capital Economics have all recently revised down their forecast to under 2%.

Market expectations for GDP growth in 2012 are falling

Source: Timetric

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