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Brazil Goes From Success Story to Recession

Posted By Alfonso Esparza On In Commodities,Newsfeed | Comments Disabled

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.

via CNN [1]

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Alfonso Esparza

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Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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