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OECD predicts 4 pct negative growth for Brazil in 2016

Xinhua, February 19, 2016 Adjust font size:

The Organisation for Economic Co-operation and Development (OECD) on Thursday lowered its expectations for Brazil in 2016 to 4 percent negative growth.

At a press conference announcing its economic revisions for 2016, OECD Chief Economist Catherine Mann said Brazil was facing a larger recession due to a continued fall of commodity prices.

According to the OECD, this gloomy outlook for Brazil is one of the factors that will lead the global economy to only grow by 3 percent, an outlook lowered from the 3.3 percent predicted in November.

These expectations of severe economic troubles for Brazil coincide with an announcement from the Brazilian central bank on Thursday, which said the country may have lost 4.08 percent of gross domestic product (GDP) in 2015.

This makes the country's central bank more negative than a recent poll of financial institutions in Brazil, who predicted a drop of 3.71 percent.

Consecutive years of negative growth for 2015 and 2016 would mark the first time Brazil had registered back-to-back years of economic contraction since records began in 1948. Enditem