Brazil’s economy will contract 0.5 percent in 2015, said the Organisation for Economic Co-operation and Development (OECD) in a report released on Wednesday.

In its previous forecast, dated November last year, the Paris-based agency had projected 1.5-percent growth for country.

The OECD says the economy of the South American nation will return to positive territory in 2016, with an estimated expansion of 1.2 percent.

Brazilian President Dilma Rousseff last week said the country is far from experiencing a crisis, despite the economic hurdles it is facing. She added that the Government is working hard to ensure the economy recovers by the end of the year.