Amid a generally bleak global forecast, the Organization for Economic Cooperation and Development (OECD) on Wednesday upgraded its growth projections for Brazil.
While Brazil's economy is still expected to contract this year, it will shrink by 3.3 percent, a marked improvement over June's forecast for a 4.3-percent contraction.
"Despite some improvements, Brazil's economy continues experiencing a deep recession," the organization said.
For 2017, South America's No. 1 economy is expected to continue its contraction, shrinking 0.3 percent.
Brazil's financial markets also upgraded their projections this week, forecasting gross domestic product will shrink 3.15 percent this year.
Brazil seems headed for a second consecutive year of negative growth, after the economy contracted 3.8 percent in 2015.
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