Business

Brazil’s unemployment rate hit a record 13.8 percent from May to July as Latin America’s biggest economy suffered the impact of the coronavirus pandemic, according to official figures released Wednesday.

The rate is the highest since the current tracking method was introduced in 2012, and two percentage points above same period last year.

The previous record — 13.7 percent — was registered in the first quarter of 2017.

The South American giant of 212 million people has been hit hard by the new coronavirus, with nearly 143,000 people killed, the second-highest death toll worldwide after the United States.

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Britain’s economy shrank by a record 19.8 percent in the second quarter, entering recession on the coronavirus lockdown, but the contraction was less severe than first thought, official data showed Wednesday.

‘UK gross domestic product (GDP) is estimated to have contracted by 19.8 percent in Quarter 2 (April to June) 2020, revised from the initial estimate of a 20.4-percent fall,” the Office for National Statistics said in a statement.’

As the Covid-19 pandemic raged, Britain officially entered recession in the second quarter, after gross domestic product (GDP) contracted by a downwardly-revised 2.5 percent in the first quarter.

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