The Economist | Brazil’s economy: Better than Ukraine
Better than Ukraine
The government shrugs off Brazil’s descent into recession
“WE ARE not in a recession,” insisted Guido Mantega, Brazil’s finance minister, on August 29th. According to the most common definition—two consecutive quarters of falling output—he is wrong. Official figures released earlier that day showed that GDP fell by 0.6% between the first and second quarters (an annualised contraction of 2.4%). Output also fell, by 0.2%, in the first three months of the year.
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