Brazil’s economy has emerged from its worst recession on record.
The fastest growth rate in nearly four years was announced by the national statistics agency IBGE, with GDP growing 1.0 percent in the first quarter.
But Latin America’s largest economy is not out of the woods yet. It had previously suffered eight consecutive quarters of contraction.
Recession may return with a vengeance in Brazil https://t.co/vQ3oexI24E pic.twitter.com/9hV5XEV4rS
— Bloomberg (@business) 1 juin 2017
The economic upturn boosts President Michel Temer’s case for staying in office as he battles a corruption scandal.
Temer, who has resisted protests for his resignation after being placed under investigation by the Supreme Court, tweeted minutes after the release: “The recession is over!”
“It’s the result of the measures we are taking. Brazil is growing again and will grow even more with the reforms,” he went on.
Yet 14 million workers remain jobless in Brazil, a country with one of the biggest gaps between the rich and poor.
with Reuters