(MENAFN) Brazil's economy will contract by 1 percent this year, weighing down Latin America as the region struggles to rekindle growth despite low commodity prices, The Peninsula Qatar reported.
The world's seventh economy and Latin America's largest is being hit by inflation, private-sector doldrums and a massive corruption scandal at state oil giant Petrobras, the International Monetary Fund said.
"Private sector sentiment remains stubbornly weak because of unaddressed competitiveness challenges, the risk of near-term electricity and water rationing, and the fallout from the Petrobras investigation," the Fund said.
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