Brazil Dives Deeper Into Recession
Brazil Dives Deeper Into Recession
"Almost nobody believes in Brazil right now. That's a scary situation to be in," says AS/COA’s Brian Winter on Brazil’s third consecutive quarter of contraction.
Brazil just got more bruising news.
Its economy fell deeper into recession between July and September, shrinking 1.7% from the previous quarter, the government announced Tuesday. It's Brazil's third consecutive quarter of contraction, making it the country's longest recession since the 1930s.
Brazil, the largest economy in Latin America and eighth largest worldwide, has gone bust this year. The global economic slowdown has hurt the country badly, but Brazil's worst problems are self inflicted.
"It's worse than people thought," says Brian Winter, vice president at Council of the Americas. "Almost nobody believes in Brazil right now. That's a scary situation to be in...."
