The next two months will be crucial to determining whether Brazil's government will be able to deliver a GDP growth of more than two percent this year. This is due to the below-expected productive activity in December and slightly contradictory economic indicators in January.
Faced with doubts about the reform agenda, analysts saw two percent growth as the minimum growth rather than the target.
The market still sees favorable points in civil construction, in the record agricultural harvest, in household consumption, and, mainly, in the increase in credit.
Although the general unemployment rate tends to remain around 11%, the expectation is for a more accelerated formalization of today's precarious vacancies.
However, there is still uncertainty about industry and, as a result, the slow pace of investment resumption.
The two largest banks in the country, Itaú Unibanco and Bradesco maintain their estimates for now: 2.2% and 2.5%, respectively. But the bias is slightly low in the case of Itaú.
Translated by Kiratiana Freelon