Financial analysts are saying that things are not looking good for Brazil's economy. According to the Central Bank, Brazil's economy would go down by 3.02 percent by the end of the year.

In a report with Fox News Latino, financial analysts have increasingly become hopeless during the past few months as Brazil's economy has slowed and the Brazilian government has failed to ammend the country's fiscal woes. This has come as a surprise to many, especially since economy in a country grew at a booming rate. Now citizens of Brazil find themselves deep in a recession which now poses as a threat to the summer Olympics which is set to be held in Rio in less than a year.

Global companies are speaking out on the country's economic decline. Keith McLoughlin, who is the CEO of Electrolux spoke out on just how bad Brazil's current situation is. 

"It's really Brazil that is very, very weak, obviously economically, inflation, unemployment and so appliance demand was down about 25%, I think it was 24% or 25% for the quarter," McLoughlin said in a report with Business Insider. 

"That's wicked. You take a 24% or 25% decline in demand year-over-year in a quarter, that's horrendous." he added. 

Lke many financial experts,  McLoughlin says that Brazi's financial future does not look too bright. He says that the country will be faced with financial disaster for quite a while. Brazil was once seen as one of the countries that showed great financial promise, now the country also faces a high unemployment rate.

"Now, I'm starting to speculate, but it's hard for us to see, in the short-term, an improvement. We think it's going to take a while," said McLoughlin of the country's economic recovery as well as Electrolux's future. 

The report with Fox News Latinos said that if the economic forecasts should prove to be entirely accurate, Brazil's economy will have its worst economic performance in over two, having gone down by 4.35 percent in 1990. 

Even the Aug. 2016 Olympics is under threat with the recession coming into full swing. Rio has to cut its operating costs by at least 10 percent to stay within the projection set at $1.9 billion. 

"It's not about being modest. It's about being efficient, it's about making sense," said Mario Andrada, Rio 2016 Communications Director. 

Even now, the Olympics 2016 organizers are still hopeful for the country's economic future and hope that things will bounce back before the end of the year.