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According to latest survey by Brazil's central bank of hundreds of analysts shows that they not only expects Brazil's economy to contract both in 2015 and 2016 but contraction to be much steeper.
- Economists are now expecting Brazil's economy to shrink at 2.55% this year compared to 2.44% contraction just a week ago.
- Economists are now expecting contraction of 0.6% compared to previous expectations of 0.5% in 2016.
Both economic and political situation is getting worse in Brazil. Calls are rising for President Dilma Rousseff to resign as her government got involved in corruption scandal in Petrobras, state owned oil major. Her government is struggling to make necessary budgetary adjustment by cutting public benefits and spending amid wide spread union protests.
International investors are now worried that Brazilian companies, which have piled up US-denominated debt since 2008.
Brazilian Real is currently trading at 3.88 against Dollar, down 66% in last 12 months.
