Brazil sharply cuts fore­casts

The Myanmar Times - - International Business -

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.

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