Brazil's bust is worse than we thought - IMF

``"The recession caused by political uncertainty amid continued fallout from the Petrobras investigation is proving to be deeper and more protracted than previously expected," the IMF said. The economy over the past year has unraveled as investment has plummeted. Unemployment has shot up, inflation is soaring and the country's currency, the real, has lost 35% of its value. The IMF now believes Brazil's economy -- the largest in Latin America -- will shrink 3.5% this year, down significantly from its previous estimate of a 1% contraction.''