Brazil’s Unemployment Jumps to 12.2 Percent; Official Warns it Could Double

“We already had a high unemployment rate in Brazil. It may increase between 50  to 100 percent of what it was before,” privatization secretary Salim Mattar said in a live online event hosted by Credit Suisse.

RIO DE JANEIRO, BRAZIL - (Reuters) Brazil’s unemployment rate rose to 12.2 percent in the three months through March, statistics agency IBGE said on Thursday, marking the biggest rise in three years even though coronavirus was not the major factor and has yet to be fully reflected in the data.

Shortly after the figures were released, privatization secretary Salim Mattar said the unemployment rate could double due to the coronavirus crisis, adding that the picture will only become clearer around July and August.

“We already had a high unemployment rate in Brazil. It may increase between 50  to 100 . . .

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