Recession deepens in Brazil, world's seventh largest economy

Demonstrators for and against the government of president Dilma Rousseff face each other during a march in Brasilia on November 13, 2015Brazil’s economy contracted 4.5 percent year-on-year in the third quarter, officials said Tuesday, reflecting a steeper than expected recession in the world’s seventh largest economy. “Brazil’s economy is in intensive care and will remain sick in the upcoming quarters,” Andre Perfeito, chief economist of Gradual Investimentos in Sao Paulo, told AFP. It shrank 0.8 percent in the first quarter, then 2.1 percent in the second, according to revised figures released Tuesday by Brazil’s statistics agency.

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