NEW YORK (TheStreet) -- Shares of Banco Bradesco (BBD) - Get Report are up 0.63% to $8.05 late Monday morning alongside other Brazilian stocks as the Ibovespa gains.

The benchmark stock index is advancing and the real is strengthening as hope about global growth pushed commodities higher, while economists expect a faster recovery from Brazil's economic downturn, Bloomberg reports.

Economists in the central bank's weekly survey forecast that the economy will contract 3.3% this year vs. the 3.71% decline they predicted at the beginning of June.

Additionally, the government of acting President Michel Temer announced a plan last week to reduce next year's budget deficit by more than analysts had projected.

That bolstered optimism that Temer and Finance Minister Henrique Meirelles can return confidence to the region's largest economy, Bloomberg noted.

The Ibovespa is rising 1.07% to 53,709.05 this morning.

Banco Bradesco is an Osasco, Brazil-based multiple service bank.

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