Brazil's economy to shrink 4% this year, OECD forecasts

The Organization for Economic Cooperation and Development (OECD) expects Brazil's economy will shrink by 4% this year. According to forecasts released today (Feb. 18) as part of the OECD's Interim Economic Outlook report, the Gross Domestic Product (GDP) should be stable in 2017. For 2015, the year-end projected decline is 3.8%.

According to the OECD, Brazil is experiencing a deep recession and should only begin to emerge from the downturn in 2017.

The forecast for global economic growth this year has been revised to 3%, down 0.3 percentage points from the previous forecast.

Translated by Mayra Borges