RIO DE JANEIRO, BRAZIL - The Brazilian economy shrank 1.5 percent in Q1 this year, according to data released by the Brazilian Institute of Geography and Statistics (IBGE) on Friday, May 29th.
The downturn is less intense than in European countries such as Germany, France, Italy, and Portugal, and is also lower than in China, which experienced the highest slump to date, at 9.8 percent.
The first three months of the year were marked by the start of social distancing measures in much of the world, with the aim of containing the spread of the novel coronavirus. In Brazil . . .