Saturday, August 29, 2015
Official figures released by the Brazilian government show that the country's economy has entered recession.
The data indicated that Brazil’s economy contracted nearly two percent between April and June compared with the previous quarter. The country’s economy has also shrunk by two-point-six percent compared with a year earlier. Meanwhile, household spending and the industrial sectors have fallen while unemployment and taxes have risen. Two quarters of economic contraction in a row is technically tantamount to plunging into recession. Brazil is the world’s seventh largest economy. But it has been adversely affected by corruption scandals and falling commodity prices.