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Brazil stagnates in 2014, recession looms for 2015

A view of the construction site of the athletes' village for the Rio 2016 Olympic and Paralympic games at Barra da Tijuca in Rio de Janeiro, Brazil, on March 25, 2015Hosting the World Cup in June and July and gearing up for the Olympics next year failed to reverse the drag of rising inflation, a ballooning deficit and a $4-billion kickbacks scandal at state oil giant Petrobras that has tarnished Brazil's largest company and President Dilma Rousseff's party. Rousseff has never managed to match the blistering 7.6-percent GDP growth Brazil posted in 2010, the last year in office of her charismatic predecessor and mentor, Luiz Inacio Lula da Silva. "Looking forward, the questions are how deep will the recession be in 2015, when will Brazil start to recover and how fast," said Robert Wood, Brazil analyst at the Economist Intelligence Unit. Agostini predicted India, whose economy is growing at an annual rate of more than seven percent, would surpass Brazil this year as the world's seventh economy.

Today's Rates*

30 Yr Fxd3.75%3.976%
15 Yr Fxd2.99%3.406%
5 Yr ARM2.99%3.244%
*=This is only an estimate, provided for illustrative purposes only. Actual rates and payments may vary. It does not constitute a quote.

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