Brazil's economic crisis has unfolded over the past two years, with the recession showing no signs of abating. Economic indicators continue to worsen, with unemployment rates reaching a new high at 11.9% and the GDP contracting by 3.8% in 2015. Additionally, inflation reached a three-decade high in 2015, further exacerbating the crisis.
The country's economic downfall can be traced back to a combination of internal and external factors. Internally, Brazil has been plagued by political instability, corruption scandals, and mismanagement of resources. The Petrobras scandal, which involved billions of dollars in kickbacks and bribes, has severely damaged the country's reputation and resulted in a loss of investor confidence. Moreover, Brazil's largest construction companies have been implicated in the scandal, further intensifying the economic crisis.
In conclusion, Brazil's economic crisis is deepening, with economic indicators indicating a worsening situation. Internal factors such as political instability and corruption, coupled with external factors like falling commodity prices, have contributed to the ongoing recession. The government has attempted to address the crisis through austerity measures, but public opposition and political turmoil have hindered its efforts. While there is hope for a recovery in the long run, the immediate outlook remains bleak for Brazil's economy.