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"Brazil’s economy is set for a slowdown, with industrial production contracting in August as domestic manufacturers struggle with rising interest rates, a strong currency and a weakening global economy.

Goldman Sachs said it has revised its forecast for Brazil gross domestic product growth to 3.5 per cent this year from 3.7 per cent, which would be less than half that of 2010, when Latin America’s largest economy expanded at an Asia-like rate of 7.5 per cent.

“We have the external drivers turning less friendly and that could reinforce what was already a moderation trend,” said Alberto Ramos, economist with Goldman Sachs. “They [Brazil] cannot defy gravity. They are part of the global economy.”

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