Brazil’s economy contracted 4.1pc in 2020

BRASÍLIA (AFP) – Brazil’s economy shrank 4.1 per cent in 2020, officials said yesterday, closing out what analysts called another “lost decade” for Latin America’s biggest economy with a year badly disrupted by the coronavirus pandemic.

Gross domestic product (GDP) continued its modest rebound in the fourth quarter, with growth of 3.2 per cent, said the national statistics institute, IBGE. That was not enough to erase what it called “the adverse effects of the Covid-19 pandemic”, but it did mean Brazil fared slightly better than some other major economies.