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By Nelson Belen, Contributing Reporter

RIO DE JANEIRO, BRAZIL - On Tuesday, November 15th, the International Monetary Fund’s (IMF) executive board released its annual report indicating that Brazil is close to exiting from a deep recession that has gripped the country for several years now. But, the IMF cautioned that the recovery will be slow and gradual and hinges on the approval of unpopular reforms, such as the spending cap legislation and social security reform.

According to the report, Brazil’s economy “has contracted markedly in 2015 and 2016,” but the country is “poised to emerge from a deep recession . . .

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