Brazil is set to pull out of the most severe recession in its history, according to global growth projections from the Organization for Economic Cooperation and Development (OECD). While the country’s government was quick to announce its first quarter of growth since 2013 in June this year, global economists are now also recognizing the recession’s end.
The OECD predicted that Brazil’s GDP growth would remain at 0.7 percent for the remainder of 2017, but projected it would rise between 1.6 and 1.9 percent in 2018. The economy is expected to grow further in 2019 by an estimated 2.3 percent. The projected figures are a striking contrast to 2016, when the Brazilian economy shrank by 3.6 percent over the course of the year.