Synthesis of the Brazilian Economy

BRAZIL ECONOMICS - Report 31 Jan 2022 by Affonso Pastore, Cristina Pinotti and Paula Magalhães

Although still in the phase of accelerated growth in the country at large, there are signs that the outbreak of the Omicron variant is stabilizing in the states of São Paulo and Rio de Janeiro. As has been detected in other countries, the new variant is highly transmissible but less lethal in people who have been completely vaccinated (including a booster shot). Nevertheless, the moving average number of deaths from Covid, which had declined to only 50 at the start of January, has risen to almost 500 in the past few days. It is necessary to consider that the data are precarious because of the government’s slow reaction to the hacker attack on the Ministry of Health’s system. The new round of social distancing, together with the negative effects from abroad and the monetary tightening in response to the high and stubborn inflation, should keep the economy weak for the next several months.

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