Brazil, East Timor among 10 worst economies this year: EIU

Brazil, East Timor and Macao are among the 10 economies in the world expected by the Economist Intelligence Unit (EIU) to undergo the greatest recessions this year, Portuguese news agency Lusa reported on Tuesday.

The economies of 10 nations and regions, including Brazil, East Timor, Macao, and Equatorial Guinea, are each likely to contract by more than 1 percent in 2016, EIU said.

It noted in particular that the prospect for Brazil “is far from positive” in part due to declining oil prices.

Financial news agency Bloomberg reported this week analysts polled by the Brazilian central bank expected the South American nation’s economy to shrink 2.95 percent in 2016: worse than a prior estimate of a 2.81-percent contraction.

The EIU expects a “moderate outlook for 2016” as a whole with global gross domestic product (GDP) growing at 2.7 percent, Lusa reported.