The economic horizon is darkening again in Brazil, which has already paid a heavy price for the pandemic. Activity stalled between July and September with a drop in GDP of 0.1%, according to data released at the end of last week by the IBGE. The statistics institute has also revised downward the figure for the second quarter, to -0.4% against -0.1% initially. Two consecutive quarters in the red therefore place the South American giant officially in recession. At a time when a fifth wave of Covid threatens the planet and when several cases of the Omicron variant have been detected in the country, especially in the region of Sao Paolo, the economic capital. This slowdown on the recovery means that Brazilian GDP has still not returned to its pre-Covid level.
The vagaries of the weather partly explain the downturn in the economy.
The agricultural powerhouse, world leader in several products such as corn, soybeans, beef or chicken, suffered from a severe drought
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