RIO DE JANEIRO, Oct. 8 (Xinhua) -- Brazil will see the lowest rate of economic growth in 2014 among the BRICS, a bloc of emerging nations, the International Monetary Fund (IMF) said Tuesday.
The IMF's World Economic Outlook report revised down its growth forecast for Brazil from 3.2 percent to 2.5 percent next year, the lowest compared with other BRICS members -- Russia, India, China and South Africa.
The figure is also below the global average of 3.6 percent for 2014 and nearly half the average estimate of 5.1 percent for emerging economies.
Brazil's 2013 growth forecast is maintained at 2.5 percent, according to the report, higher than the 2.47-percent growth prediction made recently by the Central Bank of Brazil.
Last year, the South American country registered a scant growth of 0.9 percent due to poor industrial and agricultural activity, but observers are expecting better results this year.
Brazil's 12-month inflation rate was at a peak of 6.7 percent in June. According to the IMF, inflation in Brazil is a problem as it erodes real income and impacts consumption levels, but the depreciation of the country's currency against the U.S. dollar is considered positive as it can stimulate exports.
To curb inflation, Brazil has raised for four times this year the base interest rate, which now stands at a towering 9 percent. Brazil's central bank, later this week, is likely to raise the country's base interest rate again to bring inflation down to a manageable level.