In 2020, Brazilian workers will enjoy 11 national holidays, seven more than 2019—not even including state and municipal bank holidays. While it poses an opportunity for people to relax and unwind, the large number of holidays are also set to take a toll on the economy and have recently been subject of scrutiny in Congress.
According to FecomercioSP, the Federation of the Sale of Goods, Services, and Tourism in São Paulo, Brazilian retailers are set to lose BRL 11.8 billion in 2020, 53 percent more than they did in 2019, as stores will remain closed for longer. The most harmed sectors—coming under the “other activities” category—include fuel sales and non-essential goods such as jewelry and stationery, with a combined loss of BRL 4.48 billion.
While this may appear to be a massive loss, the total of...
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