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Brazil finance ministry ups growth forecast

Brazil's finance ministry revised its GDP growth forecast for 2017 to 1.1% from 0.5% as it expects new reforms to boost productivity.

Meanwhile, the growth projection for 2018 was raised to 3% from the previous 2%, according to the ministry's monthly macroeconomic report.

Finance Minister Henrique Meirelles said the projection is supported by rising confidence as a result of various developments, including the approval of the spending ceiling, fiscal control, and the passing of reforms, Folha de S.Paulo reported. Investment and consumption are also rising, the minister said.