Recession May Return With Vengeance in Scandal-Hit Brazil
Brazil emerged from its deepest recession on record in the first quarter, but a fresh political scandal could slam the beleaguered economy right back into its hole.
June 02, 2017 at 11:00 PM
7 minute read
Brazil emerged from its deepest recession on record in the first quarter, but a fresh political scandal could slam the beleaguered economy right back into its hole.
Gross domestic product expanded 1 percent in the first three months of 2017 compared with the previous quarter, led by a strong performance of the agricultural sector, and in line with market expectations. From a year earlier, the economy contracted 0.4 percent, the national statistics institute said in a statement on Thursday.
“It's just an agriculture rebound,” said Jankiel Santos, chief economist at Haitong in Sao Paulo. “We can't base the recovery of Brazil's economy just on agriculture, it doesn't work like that. We need greater contribution from services and consumption.”
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