Business

Worst. GDP. Ever. What does the future hold for Brazil?

Brazil is in recession once more, but experts believe the country is now out of the woods and is on a long, slow path to recovery

gdp recession
Photo: Andréa Rêgo Barros/PCR

We all knew it would happen, but now it’s official: Brazil is once again in recession. Just a handful of years after barely emerging from its longest economic slump on record, Latin America’s biggest economy finds itself back in the red once more, as a direct result of the coronavirus pandemic. The Brazilian Institute of Geography and Statistics (IBGE) announced GDP fell an eye-watering 9.7 percent in Q2 2020 — just above market expectations but still the worst quarterly result ever recorded.

Elsewhere, industry shrank 12.3 percent in the three months ending in June, followed by a 9.7 percent...

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