Brazil’s GDP should grow by about 1% in 2023. But this belies wide discrepancies across the country. For example, states such as Mato Grosso do Sul, Goiás and Minas Gerais have been growing at an average of 5% for the past five years, while the traditional engines of growth – particularly São Paulo – have been running at about half that rate.
In May, UBS BB raised its estimates for 2023 GDP growth dramatically – to 1.5%
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