Itau Unibanco sees Brazil’s economy shrinking in 2016

Silvio Cascione – Reuters, 7/10/2015

Brazil’s recession will extend into next year, hurting President Dilma Rousseff’s efforts to shore up public finances and arrest a sharp increase in unemployment, Itau Unibanco’s chief economist said in a report on Wednesday.

Itau Unibanco is the largest financial institution yet to forecast Brazil’s gross domestic product will shrink for a second straight year in 2016, according to Reuters Polls data.

Ilan Goldfajn, the bank’s chief economist, forecasts a drop of 2.2 percent in 2015 and 0.2 percent in 2016, down from previous estimates for a decline of 1.7 percent in 2015 and an increase of 0.3 percent in 2016.

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