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Brazil's economy to contract 0.5 percent in 2015: OECD

Xinhua, March 19, 2015 Adjust font size:

The Organization for Economic Cooperation and Development (OECD) predicts that Brazil's economy will contract 0.5 percent in 2015, according to a report released on Wednesday.

The figure, presented in an economic update compiled by the Paris-based agency, represents a downward adjustment of its earlier November forecast, which projected 1.5-percent growth for the South American giant.

Brazil, the only country of the 11 listed to expect a contraction, is also projected to struggle in 2016, with predicted growth of 1.2 percent, down from the 2 percent forecast in November and the lowest growth rate of the countries listed.

The OECD's figures are similar to those forecast by Brazil's financial market, which revised its earlier growth forecast on Monday, saying the economy will contract 0.78 percent.

The country's government has admitted that the economy may come to a recession, but has issued no figure.

Brazil's 2014 growth rate will be reported on March 27, and is expected to register a drop of 0.15 percent. Endi