Brazil Recession: 7 Reasons Why The World’s 7th Largest Economy Nosedived

CEDAR ATTANASIO, LATIN TIMES, 9/3/2015 

Brazil is officially in recession, according to economic indicators released in the second-quarter. On Monday, government leaders submitted a trimmed-down budget that’s still expected to add at least R$ 30 billion to the deficit, according to Folha de São Paulo.

brazil-economy-woes

There’s no one reason why the economy has tanked; the current nosedive is a confluence of factors, a “perfect storm” that’s affecting much of Latin America, from Perú to Patagonia. Exports are down, as Brazil’s main trading partners like China and Argentina have felt the effects of a growing global slowdown.

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