Brazil sharply cuts forecasts
BRAZIL’S government has sharply cut its economic forecasts for this year and next, citing difficulties in climbing out of the country’s worst recession in decades.
Latin America’s biggest economy is now expected to shrink 3.5 percent in 2016, a deeper contraction than the 3pc the former government had predicted four months ago.
In 2017, growth was expected to return, but at a meagre 1pc, down from the 1.6pc initially forecast.
Brazil’s economy last year posted a contraction of 3.8pc.