Outlook for Brazil getting bleaker – OECD

Financial Times, 11/9/2015

There is little brightness on the horizon for the battered Brazilian economy, which is struggling against a painful recession.

The Organisation for Economic Cooperation and Development (OECD) has further downgraded its expectations for the Brazilian economy both this year and next, with the country’s recession likely to be deeper than originally thought.

The OECD is forecasting that the Brazilian economy will shrink 3.1 per cent this year followed by a further 1.2 per cent contraction in 2016. This is a significant downgrade from the OECD’s last forecast in September, when it predicted the Brazilian economy would shrink by 2.8 per cent this year and by 0.7 per cent in 2016.

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