The Brazilian economy continues to struggle. Having expanded by a meagre 0.2% q/q in the first quarter of this year, there are few signs that growth picked up in Q2. Elsewhere in the region, growth has also started to slow, albeit to a far lesser extent than in Brazil. The exception is Argentina, where things continue to go from bad to worse. Our proxy for growth suggests that the economy is now in recession and we do not expect a swift recovery.
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