Historic Economic Slump in Brazil

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Brazil’s GDP for 2016 contracted 3.6%, after falling 3.8% in 2015, confirming that the current downturn is the country’s worst recession since 1947, when the government began systematically compiling data on the economy, and probably the worst in its history. Indeed, it represents a bigger downturn than Brazil experienced during the Great Depression. While the administration of President Michel Temer claims that the corner has been turned, and that there is light at the end of the tunnel, many independent observers reject the old clichés and point to more difficult years ahead.

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