No Brazil Rebound in Sight Even as Temer Tackles Budget Gap
- Higher industry, consumer confidence have yet to spur growth
- From services to agriculture and investment, all sectors fell
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When Michel Temer took the reins of Brazil in May, markets rallied on expectations he would pull the nation from its worst two-year recession on record. Six months later, they’re still waiting.
His administration made its biggest advance yet in fixing the country’s battered public coffers by pushing a spending cap bill through the Senate in a first vote on Tuesday night. Yet GDP data published on Wednesday show not only a seventh straight quarter of contraction but also no sign that a recovery is near.