A survey by the National Confederation of Industry (CNI) shows that business owners from the industry and commerce sectors registered increased levels of production for the fifth month in a row — however, the recovery is expected to tail off as fears of a second wave rise.
CNI director Carlos Abijaodi told newspaper Correio Braziliense that it will take a massive effort from the government to inject more money into the economy, akin to the coronavirus emergency aid program that is set to expire at the end of the year.
The National Confederation of Commerce, meanwhile, expects a mere 2-percent bump in holiday sales this year against 2019.
The services sector — the backbone of the Brazilian economy — is still smarting from a 50-percent crash in revenue at the beginning of the pandemic. This sector represents almost 4 percent of the country’s GDP and employs some 7 million people.
A study by think-tank Fundação Getulio Vargas estimated losses for the 2020-2021 period at BRL 117 billion (USD 20 billion).
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