{"id":1631,"date":"2016-03-08T10:23:18","date_gmt":"2016-03-08T09:23:18","guid":{"rendered":"https:\/\/lazardfreresgestion-tribune.com\/?p=1631\/?p=1631"},"modified":"2016-03-08T10:59:45","modified_gmt":"2016-03-08T09:59:45","slug":"brazil-the-recession-persists","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/brazil-the-recession-persists\/","title":{"rendered":"Brazil: the recession persists"},"content":{"rendered":"<p><b>CHART OF THE WEEK<\/b><\/p>\n<p>The Brazilian economy posted its <b>fourth consecutive quarter of economic contraction, with Q4 GDP falling by 5.7% on an annualised basis.<\/b> The downturn was essentially due to a fall in domestic demand, whereas the trade surplus was a positive factor because of the drop in imports<b>. Overall, the economy shrank 3.8% in 2015, the sharpest fall since the data series began in 1996.<\/b><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-1632\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/03\/Imagegraph9eng.jpg\" alt=\"Imagegraph9eng\" width=\"1094\" height=\"614\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/03\/Imagegraph9eng.jpg 1094w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/03\/Imagegraph9eng-300x168.jpg 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/03\/Imagegraph9eng-768x431.jpg 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/03\/Imagegraph9eng-1024x575.jpg 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2016\/03\/Imagegraph9eng-600x337.jpg 600w\" sizes=\"auto, (max-width: 1094px) 100vw, 1094px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><b>Our analysis<\/b><\/p>\n<p>Brazil is experiencing a <b>confidence crisis stemming from political uncertainty, a situation which comes in addition to pre-existing structural weaknesses and falling commodity prices. The result is a collapse in investment.<\/b> Household spending is curbed by inflation and an ongoing deterioration in the labour market. <b>A turnaround in confidence levels could spark a recovery but this currently seems unlikely, the PMI composite index having reached a record low of 39.0 in February.\u00a0<\/b><b>In addition, any <\/b><b>upturn in commodity prices could be <\/b><b>good <\/b><b>news for Brazil.<\/p>\n<p><\/b><\/p>\n<p><i>The opinion expressed above is dated as of March 4<\/i><i>th<\/i><i>, 2016 and is liable to change.<\/i><\/p>\n<p><b>\u00a0<\/b><\/p>\n<p><span style=\"color: #333333; font-family: 'Arial',sans-serif; font-size: 8pt;\">This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CHART OF THE WEEK The Brazilian economy posted its fourth consecutive quarter of economic contraction, with Q4 GDP falling by&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":1625,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148,1274],"tags":[],"class_list":["post-1631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","category-graphique-de-la-semaine-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Brazil: the recession persists &#8211; Tribune Lazard Fr\u00e8res Gestion<\/title>\n<meta name=\"description\" content=\"Brazil: the recession persists Tribune Lazard Fr\u00e8res Gestion\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/brazil-the-recession-persists\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brazil: the recession persists &#8211; 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