According to the bank's weekly survey of the country's leading financial institutions, analysts also modified their 2023 inflation forecast from 5.38 percent to 5.33 percent.
Four weeks ago, expected inflation as measured by the Extended Consumer Price Index (IPCA) was 7.30 percent for this year and 5.30 percent for the next.
The government's inflation target is 3.50 percent for 2022 and 3.25 percent for 2023, both with a 1.5 percentage point margin of tolerance.
Regarding gross domestic product (GDP), analysts upgraded their growth forecast for 2022 from 2 percent to 2.02 percent but lowered it slightly for 2023 from 0.41 percent to 0.39 percent.
Analysts said they expect the benchmark interest rate, currently at 13.75 percent annually, to remain unchanged until the end of the year and then gradually decrease to 11 percent by the end of 2023.
Brazil's national currency, currently trading at 5.19 reals to the U.S. dollar, is forecast to trade at 5.20 reals to the dollar both at the end of this year and the next.
Brazil's trade surplus is projected to be 67.2 billion U.S. dollars in 2022 and 60 billion U.S. dollars in 2023.
The forecast for foreign direct investment in Brazil stood at 58 billion U.S. dollars in 2022 and 65 billion U.S. dollars in 2023.
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