Once a major economic success story, Brazil sank into recession on Friday.
Its economy contracted 1.9% in the second quarter compared to the first. It was the second consecutive quarter of contraction.
“Pretty much everything is turning down,” says Neil Shearing, chief emerging market economist at Capital Economics.
Compared with the same quarter last year, its economy shrank 2.6%, by far the worst performance in years, according to government statistics published Friday.