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Brazil’s economy contracted 3.8% in 2015

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Baku, March 4, AZERTAC

Brazil’s economy contracted sharply in 2015 as businesses slashed investment plans and laid off more than 1.5 million workers, official data showed on Thursday, setting the stage for what could be the country’s deepest recession on record, according to Buenos Aires Herald.

Gross domestic product (GDP) shrank 3.8 percent last year, capped by another steep contraction in the fourth quarter, according to Brazilian statistics agency IBGE. It was the worst performance of any G20 nation in 2015.

The annual contraction, which matched market expectations, was also Brazil’s largest since 1990, when the country was struggling with hyperinflation and a debt default. The outlook for 2016 is nearly as bad, with a central bank survey forecasting a 3.45 percent contraction.

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