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Weekly Report - 02 June 2016 (WR-16-21)

BRAZIL: Recession continues, but could the worst be over?

It is a measure of the depths to which the Brazilian economy has sunk that the best that could be said of the first quarter’s contraction was that it was not as bad as many had feared. The quarter-on-quarter fall was 0.3%, bringing the annual growth rate to -5.4%. Still, shrinkage for the quarter was relatively mild when compared to market expectation of -0.8%. The question is whether the economy is bottoming out, or whether the stimulus effect produced by the desperate last-minute spending of the Dilma Rousseff government is to thank for the better-than-expected performance.

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