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OECD: Economic recession in Brazil to last till 2017

Staff writer |
A report by the Paris-based Organization for Economic Cooperation and Development (OECD) showed that Brazil's economic recession would last until 2017.

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The report predicted that Latin America's largest economy would dive deeper into recession for the rest of the year before recovering in 2017.

The OECD estimates that Brazil's GDP would contract 4.3 percent in 2016, followed by a 1.7 percent fall in 2017, while the official Brazilian Institute of Geography and Statistics (IBGE) put the GDP shrink this year at 3.8 percent.

The organization blamed high political uncertainties and continuous exposures of corruption for "hindering consumer and business confidence".

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