We hope you had a great Easter holiday. This week, we cover the possibility of Brazil having its worst GDP drop in 120 years. The true demographics of coronavirus cases in the country.
Coronavirus to cause Brazil’s biggest economic drop in 120 years
A World Bank report released on Sunday paints a grim picture for Latin America and Brazil. The region has been subjected to multiple shocks over the past year, from social unrest in places such as Peru and Chile, to the collapse of oil prices … and now Covid-19. Gross Domestic Product in Latin America will shrink by 4.6 percent in 2020 — and have a mere 2.6-percent bounce-back the following year, according to analysts. In Brazil, GDP is expected to fall by 5 percent, and have a slim, 1.5-percent recovery in 2021.
Why it matters. If confirmed, Brazil will suffer its worst recession in 120 years.
Unemployment. All projections point toward a “job apocalypse” in Brazil — with the number of unemployed workers ranging from 20 to 40 million people by the end of the coronavirus crisis. Such a hit to the job market would be without parallel anywhere in the world for the last 40 years.
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