Brazilian retail sales haven’t been this bad in more than a decade
If you needed another reminder that Brazil’s economy is struggling mightily as it slides towards a recession, it released retail sales numbers that were down 3.5% from this time last year, a drop twice as large as analysts were expecting. That comes on top of bad industrial production numbers, a weakened currency, wild inflation, and the high interest rates the Central Bank of Brazil is using to combat that inflation.
ByMelvin Backman and Melvin Backman
If you needed another reminder that Brazil’s economy is struggling mightily as it slides towards a recession, it released retail sales numbers that were down 3.5% from this time last year, a drop twice as large as analysts were expecting. That comes on top of bad industrial production numbers, a weakened currency, wild inflation, and the high interest rates the Central Bank of Brazil is using to combat that inflation.
The country’s troubles highlight a broader slowdown in emerging market growth and shrinking investor confidence in the world’s developing economies.
