Brazil seems to be climbing out of worst recession in history
Brazil is set to show a return to growth, the Central Bank indicated, raising hopes that Latin America’s biggest economy could be inching out of a two-year recession.
LatAm The Brazilian economy plunged by 3.8% in 2015
It showed 1.12% growth in the first quarter from the last quarter of 2016.
President Michel Temer’s government has been talking up a slow easing of the economic crisis with a return to growth this year.
“The worst is behind us but I do not want to say that it is over,” said Ignacio Crespo, an economist at Guide Investimentos in Sao Paulo.
The Brazilian economy plunged by 3.8% in 2015 and 3.6% in 2016, the worst recession on record. This year GDP should grow overall by 0.5%, the government says.
Crespo indicated agriculture would be the mainstay of that tepid recovery, “because the services sector is still very weak and industry has a long way to go.” ■
