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Brazil predicts two consecutive years of recession for first time

Xinhua, October 30, 2015 Adjust font size:

Brazil's gross domestic product (GDP) is expected to fall in both 2015 and 2016, local news website G1 said Thursday.

The Brazilian government foresees a 2.8-percent contraction in this year's GDP and a 1-percent contraction in 2016.

The government had previously predicted that the GDP would decrease by 1.8 percent in 2015 and increase by 0.2 percent in 2016.

If the negative projections for the two years are confirmed, it will be the first time for Brazil to have two consecutive years of recession since measurements started in 1948.

The government has sent to the Congress a proposal for changes to the fiscal target, foreseeing a fiscal deficit of about 30.6 billion U.S. dollars in 2015. The fiscal deficit has increased because the government may have to make payments this year that it expected to postpone.

The government has also estimated that the Brazilian economy would eventually recover in 2017 with a GDP growth of 1.1 percent. Endi