New data shows recession in Brazil worsened in late 2016
Brazil’s gross domestic product contracted by 3.6 percent last year, statistics agency IBGE said, following a 3.8 percent drop in 2015. The nation’s two-year downturn is the longest and deepest on record for Latin America’s biggest nation.
The economic contraction worsened in the fourth quarter, with a steeper-than-expected decline of 0.9 percent, following a 0.7 percent drop in the previous three months.
The majority view among economists is that Brazil will emerge from recession in 2017, but at a very slow growth rate of 0.5 percent, which would be insufficient to reduce unemployment. The government has forecast growth of 1 percent.
source: oann.com
