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Brazil’s economy will contract more than previously forecast and is heading for the deepest recession since at least 1901 as economic activity and confidence sink amid a political crisis, a survey of analysts showed. Latin America’s largest economy will shrink 2.95 percent this year, according to the weekly central bank poll of about 100 economists, versus a prior estimate of a 2.81 percent contraction. Analysts lowered their 2016 growth forecast for 13 straight weeks and estimate the economy contracted 3.71 percent last year. Brazil’s policy makers are struggling to control the fastest inflation in 12 years without further hamstringing a weak economy.

Source: Brazil Heads for Worst Recession Since 1901, Economists Forecast – Bloomberg Business