Brazil's economy shrank 3.8% in 2015
Brazil’s economy shrank 3.8% in 2015, according to national statistics agency IBGE. It was the worst contraction in 25 years. Low commodity prices and struggling global growth have taken a toll on the once soaring economy, but it's also been hampered by irresponsible fiscal management by the government, including a budget deficit that has reached 10.8% of GDP.