(MENAFN) Brazil's economy declined severely in 2015 as businesses reduced investment plans and laid off more than 1.5 million workers, setting the stage for what could be the nation's worst recession on record.
According to Brazilian statistics agency, capped by another steep contraction in the fourth quarter, the Latin America's largest economy's Gross domestic product (GDP) deteriorated 3.8 percent throughout the previous year.
This is Brazil's biggest yearly plummet since 1990, when the nation was agonizing with hyperinflation and a debt default, hence the outlook for 2016 is almost as bad, with a central bank survey projecting a 3.45 percent plunge.
"We will probably see a similar contraction this year. There are no growth engines yet. The only one could be exports. But Brazil's economy is relatively closed, so we don't see that taking us out of this hole," said a local top economist.
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