BMI’s outlook for Brazilian ports remains broadly positive. However, it should be noted that there are downside risks to our Brazil port forecasts in the coming years. Firstly, we could see a painful economic rebalancing taking place in the Latin American giant. We have downgraded our 2013 real GDP growth forecast to 3.3%, from 3.5% previously, as economic activity data remains relatively weak and we now anticipate a more substantial monetary tightening cycle in the coming months. As well as economic imbalances, we remain concerned about ongoing labour unrest at the country’s ports. After a February strike created delays at …
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