WASHINGTON (Pakistan Point News / Sputnik - 06th October, 2020) Brazil's economy is projected to shrink by 5.8 percent this year due to the restrictive measures in response to the novel coronavirus pandemic, the International Monetary Fund (IMF) said in a press release.
"The economy is projected to shrink by 5.8 percent in 2020," the release said on Monday.
The IMF further projects that Brazil will then experience a partial recovery of up to 2.8 percent in 2021, the release added.
Nearly 12 million people in Brazil have lost their jobs between February and July, according to the release.
The Brazilian authorities have reported more than 4.8 million coronavirus cases and more than 140,000 virus-related deaths.
