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By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The interim government in Brazil celebrated the news that the International Monetary Fund (IMF) reduced its negative outlook forecast for the country’s GDP in 2016, from 3.8 percent in April to 3.3 percent in July. The international entity also forecast a mild growth in 2017 from zero growth in its April report to 0.5 percent in the latest estimate.

“Consumer and business confidence appears to have bottomed out in Brazil, and the GDP contraction in the first quarter was milder than anticipated. Consequently, the 2016 recession . . .

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