Brazil economy to shrink by 5% this year, says World Bank

Brazil’s economy will shrink this year by 5.0% due to the direct and indirect economic impact of the coronavirus pandemic, according to The World Bank, which would mark the country’s biggest crash in at least half a century. In its semi-annual report for the region “The Economy In The Time Of Covid-19” published on Sunday, The World Bank said Brazil faces three major shocks: weak global demand, low oil prices, and the economic disruption from domestic virus-containment measures.

Source: Reuters