Brazilian GDP fell 3.8 percent in 2015, the government said Thursday, indicating the Latin American giant is headed for its worst recession in at least a century.
The latest gloomy news from Brazil was no surprise, but the severity underlined the depth of problems facing President Dilma Rousseff’s government as it battles both declining economic output and 10.67 percent inflation.
The state statistics office said 2015 registered the worst single annual fall in GDP since 1990, when the economy dipped 4.3 percent.
With the International Monetary Fund predicting a further 3.5 percent shrinkage this year, Brazil appears to be well into a recession of record length and depth.
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