Brazil economy plunges in second quarter

Paul Kiernan – The Wall Street Journal, 8/28/2015

Brazil has entered its deepest economic downturn since the global financial meltdown of 2008-09, official data confirmed Friday.

But unlike the previous crisis, economists say the current problems were caused by errant economic policy at home and that the road to recovery will be a long one.

Brazil’s gross domestic product shrank 1.9% between April and June from the previous three months in seasonally adjusted terms, the Brazilian Institute of Geography and Statistics said on Friday. It was the second consecutive quarter of decline after the economy shrank a revised 0.7% in January-March, meeting the criteria for what most economists consider a recession.

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