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3.7 million Brazilians return to poverty due to economic crisis: report

Xinhua, January 12, 2016 Adjust font size:

Around four million Brazilians have returned to poverty as a consequence of the country's ongoing economic crisis, local media reported on Monday.

The news daily Valor Economico cited data from a recent study carried out by Banco Bradesco, one of the largest private banks in Brazil, which found the crisis pushed around 3.7 million Brazilians back to poverty. The middle class dropped by two percentage points to 54.6 percent during the period of January to November, 2015.

Meanwhile, the number of those in the lower class increased to 35 percent, according to the report.

The study also indicates a drop in salaries, with the middle class receiving a monthly income of 407 to 1630 U.S. dollars and that of the poorest stands at 233 U.S.dollars.

Brazil is in the depth of a recession as it grapples with rising unemployment, stagnant growth and soaring inflation.

Brazil's Central Bank has changed its previous prediction for the country's drop in gross domestic product for 2016 from 2.95 percent to 2.99 percent. Endi