Brazil’s gross domestic product fell by a record 4.5 per cent year-on-year in the third quarter, confirming fears that Latin America’s largest country is on track for its worst recession since the 1930s.
Lower commodity prices, fiscal contraction and the fading of a consumer credit boom have battered what was once one of the world’s fastest-growing economies.
Brazil has also taken a hit from the sweeping “Car Wash” investigation into corruption at Petrobras, the state-owned oil company, which has paralysed congress and the corporate sector.
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