Brazil suf­fers record quar­terly con­trac­tion

The Daily Telegraph - Business - - Business -

Brazil’s econ­omy shrank 9.7pc dur­ing the sec­ond quar­ter, a record fall due to the im­pact of Covid-19. Ac­tiv­ity fell across the board as the virus paral­ysed pub­lic spend­ing and slowed pro­duc­tion ac­tiv­ity. Jair Bol­sonaro, the pres­i­dent, has spent bil­lions of dol­lars on stim­u­lus ef­forts, which have in­cluded di­rect pay­outs and em­ploy­ment sub­si­dies.

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