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Challenging times for Brazil

Challenging times for Brazil

June 2016

Brazilian President Dilma Rousseff left the presidential palace in mid-May after the senate voted to begin her impeachment trial, following allegations of corruption.

Vice President Michel Temer will take the reins of the presidency during her trial. If she is found guilty, he will take over as president until 2018.

The interim president inherits an economic crisis. Inflation last year was over 10 percent. It is expected to come down this year to around 7% because of a central-bank overnight interest rate of 14.25% and cuts in the availability of credit from public banks.

In 2015 the economy contracted by 3.8% and though the worst of the recession may be over, this year it is expected to shrink by about the same. The unemployment rate is now almost 11%.

Source: WSJ

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