Brazil’s economy, currently ranked within the world’s top seven, reached an all time low in 2015, with the national GDP dropping by some 3.8 percent.
The crash, the worst experienced in Brazil during the past 25 years, reached such dizzying lows as seen during 1990, when the country’s GDP dropped by 4.3 percent, Brazil’s Institute of Geography and Statistics reported.
Brazil is currently occupying second place for the worst levels of unemployment across Latin America, beaten only by Venezuela.
The economy was severely affected last year by a 6.2 percent drop in industry and a 2.7 percent dip in the services sector, according to El Comercio.
Current left-leaning President Dilma Rousseff, whose popularity ratings remain around 11 percent over alleged links to the country’s largest corruption probe, Operation Car Wash, now faces a complex economic cocktail as economic growth remains stilted.
Brazil’s poorer residents remain the worst hit. “I’ve never seen anything like this,” commented Alves, a resident of Rio de Janeiro’s Rocinha favela – currently hidden behind a wall constructed in preparation for the Olympic Games.
“My parents had told me about (living in) difficult times, but today it really is difficult. The prices increase on a daily basis.”