OECD sees Brazil’s recession deepening to 4 percent plunge this year The OECD more than doubled its forecast for Brazil’s 2016 recession, projecting it will be even worse than last year. Brazil’s economy will contract 4 percent this year after a 3.8 percent recession in 2015, the organization said. “The recession in Brazil will likely be deeper than previously anticipated with ongoing political uncertainty and rising inflation,” according to the OECD report. Bloomberg reports. Standard & Poor’s cuts Brazil further into junk territory Standard & Poor’s downgraded Brazil’s credit rating deeper into junk territory on Wednesday, citing its failure to curb its fiscal deficit, in a surprise blow to President Dilma Rousseff`s bid to haul the economy out of its […]
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