BRASÍLIA: Brazil’s unemployment rate rose to 11.3 per cent in the second quarter, official data said Friday, as a drawn-out recession continued taking its toll. The figure stood three percentage points higher than the same period last year, said the government statistics institute, IBGE. Latin America’s largest economy entered recession in 2014.
It remains in a deep slump, weighed down by the fallout of a massive corruption scandal centered on state oil giant Petrobras and political uncertainty caused by the suspension of president Dilma Rousseff pending an impeachment vote.
Interim president Michel Temer is trying to get the economy back on track with market-friendly reforms, but the recession is forecast to last into 2017. The gloomy outlook comes as the country prepares to host the Olympics in Rio de Janeiro, which kick off next Friday.
