Brazil sunk yet further into its worst-ever recession during 2016, according to figures released on Tuesday.
The Brazilian economy has been hit by falling commodity prices and a uncertain political climate, causing it to contract by 3.6 percent last year. The fall means the country has entered its second year of recession, with its economy now 8 percent smaller than in December 2014.
Statistics from Brazilian agency IBGE showed that unemployment has risen by 76 percent over the past two years to 12.9 million, a rate of 12.6 percent.
Political uncertainty and high interest rates have deterred investors, with investment into the country falling by 10.2 percent during the course of 2016. Gross domestic product fell by 3.6 percent, with the economy contracting by a steeper-than-expected 0.9 percent in the final quarter of the year.
The disappointing figures have highlighted the country’s monetary policy, leading to criticism of the central bank’s current benchmark rate of 14.25 percent, the highest level in a decade. Investors have called for the bank to decrease the rate faster than the initial 75 basis points per meeting, and they are now expected to take it into single digits this year.