OECD sees Brazil’s recession deepening to 4 percent plunge this year

The OECD more than doubled its forecast for Brazil’s 2016 recession, projecting it will be even worse than last year. Brazil’s economy will contract 4 percent this year after a 3.8 percent recession in 2015, the organization said. “The recession in Brazil will likely be deeper than previously anticipated with ongoing political uncertainty and rising inflation,” according to the OECD report.

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