Brazil-Technical Recession.

BRAZIL.

RECESSION.

Yet another bank cut is forecast by the JP Morgan Chase and Co, from 2% to 1.5% as the global recession takes a hold of the global economies

Latin America largest economy Brazil, is now in technical recession according to the latest government figures.

The bankers believe the economy may have shrunk as much as 4.5% in the last quarter of 2008, the cutting of the interest rate by 2% will bring it back top 11.5% for overnight borrowings.

Brazilian industrial production fell by 6.2% in November, compared to the same month in 2007, according to Brazils national statistics agency.

Brazils currency lost 45% of its value against the greenback between August and December, which has not helped beef exports that are sold in US dollars.

Brazil has now 43 million internet uses listed in the country, there are plans that this figure will be 50 million by the end of 2009.

This is part of the government plans to narrow the divide between rich and poor in the country and make new inroads into the education of the poor.