Brazil tumbles into recession

The assembly line at Nissan's Industrial Complex in Resende, west of Rio de Janeiro, Brazil, on Februrary 3, 2015Brazil has slipped into recession, the government said Friday, deepening the gloom in the world’s seventh largest economy already battered by falling commodity prices, political crisis and a corruption scandal. Brazil is now in its biggest contraction for six years and with the 2015 slump forecast to extend in milder form through 2016, economists believe the country is headed for the longest recession since 1931. Brazil’s economy has been tailing off for four years, ever since the end of a boom fueled by commodity exports, principally to China.

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