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A Central Bank survey says the economy will shrink 3.4 per cent in 2016.
The World Health Organization declared a global emergency over Zika this month.
Brazil's President on Saturday vowed her country would host a successful Olympic Games this year despite the outbreak of the virus.
The government believes that as many as 1.5 million Brazilians may have been infected by Zika so far.
But the CDC also said that sexual transmission of Zika virus is possible.
The Olympics are in August, but Brazil will be in its winter season when the virus-carrying mosquito is less common.
The World Health Organization (WHO) has warned the virus could spread to every country in the Americas except Canada and Chile.
Four emerging market countries (Brazil, China, India, and Russia) will now be among the ten largest members of the IMF.
The scandal at Brazil’s state oil giant Petrobras, has implicated politicians in Dilma Rousseff’s party, although not the president herself.
Brazil's recession is deepening, says a new IMF report.
