COVID-19 Fact Base and Potential Implications for Brazil - Short

COVID-19 Fact base
and potential implications
for Brazil
August 1st, 2020
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2200710 - BainCo - COVID19 Braz ...SAO
Context for these materials
• COVID-19 is a humanitarian crisis and a global challenge. In this interconnected world, we have seen the virus spread
rapidly, and we are still gathering information to understand both its origins and its impact
• We are grateful for the businesses, governments, non-profits, and individuals around the world that are working to
protect those that are sick or in danger of becoming so, and to “flatten the curve”
• There is a lot that is still unknown about COVID-19; these materials are an attempt to shed light on what we know so
far to help businesses make informed decisions
– The top priority for all businesses is to protect the safety and health of employees and customers, for which there are WHO, CDC, and
other national guidelines
– Bain is not an expert on epidemiology and containment policies, however, given our 45+ years of experience advising companies during both
economic booms and busts, we are committed to spreading accurate and timely information to reduce the unknowns for businesses
and business leaders
• Our focus is to enable companies to make rapid and practical decisions; with a global pandemic that is rapidly
spreading and changing, now is not the time for detailed decision making; the need for speed and the right directional
strategy outweighs the need to get intricate details right, and we are committed to helping business leaders navigate the
path forward

Reopening lessons and implications for Brazil
• As government measures are successful and regions are able to control contamination levels, countries are starting to ease restrictions
and mobility starts to return to previous levels. Asian and European countries are moving forward with relaxed quarantine restrictions
while closely monitoring case growth
• Most developed economies are using similar approaches to reopen their countries; they are gradually relaxing suppression measures
trough a regionalized and detailed plan whilst, in some cases, strongly reinforcing mitigation actions
• On the suppression policies there are a few best practices to be observed: gradual reopening by sector, agglomeration restriction, border
control, region-based reopening and the existence of emergency plans are
• Most countries that have been successful so far also increased mitigation capacity by ramping-up number of tests per day and also by
implementing tracing systems to ensure the ability to detain new outbreaks
• Data shows us that with ~5-10% exposure immunity, most of the regions were able to stabilize the contamination curve; however,
distinct strategies and time to react led to different end-points so far.
– Regions that reacted later – such as NYC and Lombardy – got to higher relative mortality rates than regions that controlled the disease earlier on (such as
Greater London)
– This tells us that the ceiling for exposure levels is higher than where most countries are controlling the disease (~10-20% exposure), meaning that continued
mitigation measures and select suppression measures remain relevant once countries open their economies
• On the other hand, countries/regions such as Iran and some USA states had issues slowing down the curve after easing suppression
measures; those regions opened up before actually getting the situation under control, with a low level of exposure immunity (<5%) and
without effective mitigation tools in place

Reopening results: Some regions have already started the reopening process,
however not all of them are being able to control contamination levels
Many Asian and European countries are successfully moving forward with
relaxed quarantine restrictions while closely monitoring case growth
Other places, as Iran and some American states, are struggling to slowdown the
curve after the reopening due to inefficient suppression and mitigation measures
A S O F J U N E 2 9
Note: 7-day moving average reflects seven days prior to and including reporting date
Source: Wordometers, Johns Hopkins University, Bain Macro Trends Group analysis
TX
CA FL
Daily new deaths/100k hab New deaths 7-day average New cases 7-day averageLegend
G L O B A L R E - O P E N I N G

Measures taken can
mitigate the spread
Exposure immunity
helps reducing R0
Combination should
prevent HC collapse
The key to the reopening is maintaining R0 below 1; Successful re-openings have
compensated more lenient suppression measures with robust mitigation strategies
Specific demographics
lead to “baseline” R0
Different location / stage
leads to diff. strategy
R0 <=1
• Favorable demographics
lead to fewer needs of gov.
measures
1
• Government measures
(such as widespread testing
and screenings) reduce the
need for lockdowns
2
• Exposure immunity
develops as number of
cases increase, reducing
need of other measures
3
Note: Illustrative impact of different factors influencing R0
Source: Lit. research
2
3
COVID-19 R0 (as a function of contributing factors)
All variables must be taken into consideration when reducing the contamination R0. Different countries are acting in very distinct
ways to approach the problem
1
With suppression reduction happening
in re-openings, R0 must be kept <=1 by
an increase in the mitigation
Even with suppression reduction,
it is important to keep some of
the restrictions, as big events
prohibition, borders closure and
some regional isolations
R E - O P E N I N GG L O B A L R E - O P E N I N G
As population gets exposed to
COVID-19 immunity starts
to play a positive role

Exposure: It appears that with ~5-10% exposure, regions started to stabilize the
contamination; however, distinct strategies and time to react led to different end-points
The reaction time and mitigation measures taken appear to
be important for maintaining contamination control over time
Source: Google Mobility Report, Ministry of Health: Brazil, Chile, US, UK, Italy
Region
Mobility at
peak
Stockholm -30
Lombardy -70
New York -50
Manaus -25
Greater London -65
City of São Paulo -40
Apparently, contamination
control starts to occur with
levels of exposure around
5-10%
G L O B A L R E - O P E N I N G E X P O S U R E A S O F J U L Y 1 3

Exposure: Although exposure immunity is apparently an important aspect to allow
countries to reopen, there are uncertainties around its duration and necessary level
Media outlets are frequently talking about
exposure immunity to COVID-19…
Covid-19 immunity 'may be twice as high as believed',
study finds
“The new study does not show what level of immunity is given by a T-cell response, but scientists are increasingly
excited about the role played by T-cells because they believe it may explain why some groups, in particular children,
appear to be more immune to coronavirus. “
The Telegraph (June 30,, 2020)
My patient caught Covid-19 twice. So long to herd
immunity hopes?
“Regardless, the limited research so far on recovered Covid-19 patients shows that not all patients develop antibodies
after infection (…) Repeat infections in a short period are a feature of many viruses, including other coronaviruses. So
if some Covid-19 patients are getting reinfected after a second exposure, it would not be particularly unusual. “
VOX (July 12, 2020)
The World Is Still Far From Herd Immunity for
Coronavirus
“But in new studies that test the population more broadly, the percentage of people who have been infected so far
is still in the single digits (…) The precise herd immunity threshold for the novel coronavirus is not yet clear; but
several experts said they believed it would be higher than 60 percent.. “
The New York Times (May 28, 2020)
… however, there are important questions that
still have no definitive scientific answer
• What level of exposure is needed to contain the
pandemic?
• How long does the immunity of people who have
been infected last?
• Why do some infected people not develop
antibodies?
• Can people be infected more than once?
G L O B A L R E - O P E N I N G E X P O S U R E

When looking at successful re-openings, one of three pathways appear: strong
mitigation, phased suppression with some mitigation, and high exposure immunity
Strong mitigation
Mix between hard
suppression and mitigation
Second / continued
outbreaks
Countries/regions that successfully recovered from lockdown
Strong
mitigation
Maintained
Suppression
Exposure
Immunity
A S O F J U L Y 1 5
Hard suppression +
exposure immunity
5 deaths
per 1M pop
690 deaths
per 1M pop
1659 deaths
per 1M pop
488 deaths
per 1M pop
Brazilian states
are divided
between these
two archetypes
Exposure immunity
2425 deaths
per 1M pop
G L O B A L R E - O P E N I N G

Source: Fiocruz, Ministry of Health
Epidemiological
Week
Hospitalizations due to SARS per epidemiological week
(k# cases; week of the beginning of symptoms)
A S O F J U L Y 2 9
Weeks that
are likely still
considerably
incomplete
on the
reports
Estimated curve
June-11
B R A Z I L I A N R E - O P E N I N G E P I D E M I O L O G Y
Brazil: The SARS hospitalizations metric shows that Brazil has been on a plateau of
the disease for about 10 weeks now
First wave of exponential growth -
Concentrated in the state capitals initially
more impacted (e.g. SP, RJ, CE, AM, MA, PA)
Increase of contamination due to virus
spread to other capitals, the
countryside and smaller cities
Long plateau - Growth in states that were spared during
initial wave (e.g. MG, RS, PR, SC, MT, DF) combined with
improving conditions in more severely impacted regions

The number of new deaths per day reinforces the different stages of contamination
in which Brazilian states find themselves in
Source: Ministry of Health
A S O F J U L Y 2 9
Slowdown stage Plateau stage Growth stage
1 2 3
Daily deaths confirmed by COVID-19
since 1st death
(per 100k pop, 7-day moving average)
since 1st death
since 1st death
AC, AM, CE, PA, PE, RN, RJ AL, AP, ES, MA, PI, RO, RR, SP, SE BA, DF, GO, MT, MS, MG, PB, PR, RS, SC, TO
B R A Z I L I A N R E - O P E N I N G E P I D E M I O L O G Y

Example per
archetype
Metric March 27th April 27th Reopening day
(1st phase)
July 3rd
Manaus -
AM
Transmission Rate – R0 -1 1.5 0.8 0.8
Exposure Level (%) <1% ~2% ~13% ~17%
Mobility Change (Jan-Feb
baseline)
-40 -37 -30 0
São Paulo
– SP
Exposure Level (%) <1% ~2% ~7% ~12%
baseline)
-50 -42 -32 -23
Porto
Alegre -
RS
Transmission Rate – R0 -1 -1 0.2 1.8
Exposure Level (%) <1% <1% <1% ~2%
baseline)
-55 -35 -26 -21
States in these three groups had very different progression stories so far
Note: (1) Very low number of deaths overestimating R0 estimate
Source: Google Mobility Report, Ministry of Health
Contamination
inslowdown
stage
Contamination
inplateau
Contamination
ingrowth
stage
A S O F J U L Y 1 5B R A Z I L I A N R E - O P E N I N G
May 11th
June 1st
June 1st
At the beginning of
contamination in
Brazil, states reduced
mobility rates
significantly

Example per
archetype
(1st phase)
July 3rd
Manaus -
AM
Exposure Level (%) <1% ~2% ~13% ~17%
baseline)
-40 -37 -30 0
São Paulo
– SP
Exposure Level (%) <1% ~2% ~7% ~12%
baseline)
-50 -42 -32 -23
Porto
Alegre -
RS
Exposure Level (%) <1% <1% <1% ~2%
baseline)
-55 -35 -26 -21
Contamination
inslowdown
stage
Contamination
inplateau
Contamination
ingrowth
stage
…While in the states that
managed to avoid a
strong outbreak in the
beginning, exposure
remained low
May 11th
June 1st
June 1st
In states that were
unable to strongly
control the spread at
first, the level of
exposure grew…

Example per
archetype
(1st phase)
July 3rd
Manaus -
AM
Exposure Level (%) <1% ~2% ~13% ~17%
baseline)
-40 -37 -30 0
São Paulo
– SP
Exposure Level (%) <1% ~2% ~7% ~12%
baseline)
-50 -42 -32 -23
Porto
Alegre -
RS
Exposure Level (%) <1% <1% <1% ~2%
baseline)
-55 -35 -26 -21
Contamination
inslowdown
stage
Contamination
inplateau
Contamination
ingrowth
stage
States started their re-
opening processes with
contamination under
control but with different
levels of exposure
May 11th
June 1st
June 1st

Example per
archetype
(1st phase)
July 3rd
Manaus -
AM
Exposure Level (%) <1% ~2% ~13% ~17%
baseline)
-40 -37 -30 0
São Paulo
– SP
Exposure Level (%) <1% ~2% ~7% ~12%
baseline)
-50 -42 -32 -23
Porto
Alegre -
RS
Exposure Level (%) <1% <1% <1% ~2%
baseline)
-55 -35 -26 -21
Contamination
inslowdown
stage
Contamination
inplateau
Contamination
ingrowth
stage
With considerable levels of
exposure, Manaus managed to
resume its mobility levels at
normal levels and still keep the
contamination under control
São Paulo, with lower levels of
exposure than Manaus, the re-
opening was accompanied with
the maintenance of a certain
mobility reduction
Porto Alegre, without sufficient
levels of exposure, the re-opening
was followed by increased
contamination and they had to
slow down the easing

Example per
archetype
Metric March 27th April 27th Reopening day (1st
phase)
July 3rd
Manaus -
AM
Exposure Level (%) <1% ~2% ~13% ~17%
baseline)
-40 -37 -30 0
São Paulo
– SP
Exposure Level (%) <1% ~2% ~7% ~12%
baseline)
-50 -42 -32 -23
Porto
Alegre -
RS
Exposure Level (%) <1% <1% <1% ~2%
baseline)
-55 -35 -26 -21
Contamination
inslowdown
stage
Contamination
inplateau
Contamination
ingrowth
stage
Let’s understand where each of these groups is today and what the expectations are going forward
May 11th
June 1st
June 1st

Without strong mitigation tools, Brazilian cities rely mostly on levels of exposure and
“simpler” measures (no events + masks) to control contamination after reopening
Mitigation
(High use of
technology)
Suppression
(Mobility
reduction)
• Utilization of effective
tracing system
• # of tests / confirmed
cases (mortality)
• Big events authorization
Unconstrained
R0
• Capita’ls urban area
density (k hab / km2)
• # of people/household
Exposure
immunity
Governmentmeasures
• Current mobility2 and
previous mobility3 (%)
• Capital’s adjusted number
of cases / total pop. (%)
Maranhão
• Required mask usage
São PauloPará
Minas
Gerais
Rio de
JaneiroAmazonas
Rio Grande
do Sul
Contamination
evolution
• Evolution of the COVID-
19 death curve
2.83.3 3.1 2.8 2.7
2:1
(3.3%)
2:1
(3.8%)
2:1
(4.4%)
5:1
(2.2%)
6:1
(2.7%)
Note: (*) RJ allowed partial presence of fans in football games (1) In closed public spaces + public transportation (2) Mobility on 3rd July versus baseline mobility; (3) Mobility on May27th; Source: Google Mobility; Ministry of Health, State Health Secretaries;
JHU, Worldometers
124 7 8 5
-5%
(-32%)
-15%
(-23%)
-23%
(-36%)
~0%
(-25%)
-21%
(-23%)
Banned
1
Banned Banned
1
Banned Banned
1
~15%~18% ~27%
3.4
2:1
(2.6%)
2
-8%
(-49%)
Banned
~21%
2.8
1:1
(8.2%)
7
-20%
(-39%)
1
Banned*
~24% ~4% ~4%
1
B R A Z I L I A N R E - O P E N I N G

The mortality of states that are at slowdown stage is aligned with countries that were
not able to mitigate the disease, but acted quickly to suppress its spread
Contamination in
slowdown stage
Contamination in
plateau stage
Contamination in
growth stage
Legend
COVID-19 confirmed deaths per 1M pop
Source: Ministry of Health
A S O F J U L Y 2 9B R A Z I L I A N R E - O P E N I N G E X P O S U R E

In other hand, the Brazilian states that managed to delay the outbreak invested heavily
in hospital infrastructure and this can be can be the differential to prevent collapse
Source: Ministry of Health, DATASUS
There was a significant increase in ICUs after
COVID-19 in the private and in the public system
The public health system, responsible for much of the care for COVID-19, managed to increase the
ICU infrastructure significant in all states of Brazil
Adult ICUs in Brazil (per 100k pop,
considering public and private health care)
Public adult ICUs per state
(per 100k pop)
RS: With the qualification of 500+ ICU beds in the last
month, RS managed to maintain the ICU occupancy
level ~ 70% even with the increase in contamination
AP: With only 30 extra ICU
beds exclusive to COVID-
19 enabled in the last
month, ICU occupancy in
AP has dropped from ~
90% to ~ 50%
Contamination in
slowdown stage
Contamination in
plateau stage
Contamination in
growth stage
Legend
B R A Z I L I A N R E - O P E N I N G H E A L T H I N F R A S T R U C T U R E

Epidemiological WeekEpidemiological Week Epidemiological Week
Going forward: states at different contamination stages could face different scenarios
depending on measures and exposure immunity effectiveness and duration
Contamination in a plateau
stage
Contamination in a slowdown
stage
Current
situation
Current
situation
What do you have to believe?
Scenario 1: Current measures are efficient and,
combined with growing immunity levels with the
ramp up of mitigation, managed slowdown the
curve in the few weeks
Scenario 2 (most likely scenario): Continuous
cycles of easing and tightening suppression
measures lead to new waves of cases, without
collapsing the health system
Scenario 1 (most likely scenario): Exposure levels
achieved, together with new hygiene habits and
some level of suppression measures in place, are
enough to keep the contamination curve under
control
Scenario 2: The reopening leads to increased
contamination, causing a new wave of cases but
of lesser intensity
Health System capacity
Contamination in a growth
stage
Current
situation
Scenario 1 (most likely scenario): Current
measures are sufficient to control the current
contamination surge, the curve enters a plateau
and slows down after exposure immunity starts to
play a role
Scenario 2: Current measures are not sufficient to
keep controlled levels of contamination and curve
starts to grow fast and causes a collapse of the
health system
Installed capacity during the pandemic
AC, AM, CE, PA, PE, RN, RJ AL, AP, ES, MA, PI, RO, RR, SP, SE BA, DF, GO, MT, MS, MG, PB, PR, RS, SC, TO
B R A Z I L I A N R E - O P E N I N G U P C O M I N G S C E N A R I O S

On the economy perspective, Brazil is already showing recovery signs, but is
expected to have a long recovery period
• Significant mobility changes were observed for all venues during the pandemic, but mobility is gradually returning to
previous levels, especially in workplaces
• Economy has already started to show signs of recovery in May and June:
– The industry is recovering fast; PMI was already 52% in June, in the same month energy consumption and industry occupation levels
reverted the negative trend and started to grow
– Commodities are returning to their normal price levels, with the exception of crude oil
– On the consumption side there are also signs of recovery: in may, retail sales started to increase reaching 93% of January levels
> The emergency aid from the government it is playing an important role for the consumption recovery
> Spending is focused on essential goods, with non-essentials lagging behind
B R A Z I L I A N R E C O V E R Y

Following the same trend as of other economies, industrial production shows signs
of recovery in Brazil
Industry occupation and energy
consumption also starting to recover
Leading to an increase on optimism in
the sector
Brazilian PMI (in %)
Source: Trading Economics, ONS, IBRE-FGV, IBGE
Industry occupation
levels (in %)
Energy demand
(in MWh/h)
77
69
72
After unpreceded fall on March and
April, industry output grew 7% in May
Production output (as % of January values)
B R A Z I L I A N R E C O V E R Y I N D U S T R Y

Soy, iron and corn are returning to pre pandemic prices, while oil has improved but is
still below its baseline; those account for ~84% of the Brazilian raw commodity exports
Note: (1) Raw commodities exclude services and processing industry products. Source: Yahoo Finance, FRED, Bloomberg; Investing.com.
A S O F J U L Y 1 7
January February March April May June July
Brazilian commodities exports1
(2017; in U$B)
Raw commodity
exports account for
~31% of total exports
~84%
B R A Z I L I A N R E C O V E R Y C O M M O D I T I E S

On the consumption side there are also significant signs of recovery with
considerable variation across segments
And there are differences between
segments; services are the most affectedFamilies willingness to spend is still low
Family consumption index1 (in pts.)Credit demand
index2 (as % of Feb.)
Note: 1FIndex for SP, composed of 7 factors leading to consumption (current job, income & consumption, perspective job, income & consumption and moment for durables); 2Neurotech Credit Demand Index (INDC)
Source: FecomércioSP, Neurotech, Estadão, Mercado & Consumo, IBGE
Despite increase in commerce
Retail sales
(as % of January values)
Cielo sales breakdown by segment
(% of 2019; same period)
March April May June July
High impact; but already recovering
High impact with slow recovery
Low impact from the pandemic
Legend
Construction
materials
Non-durable
goods
Drugstores &
Pharmacies
Durable Goods
Gas Stations
Services
B R A Z I L I A N R E C O V E R Y C O N S U M P T I O N

Brazil is already showing economic recovery signs, but is expected to have a long
recovery period
• Significant mobility changes were observed for all venues during the pandemic, but mobility is gradually returning to
previous levels, especially in workplaces
• Economy has already started to show signs of recovery in May and June:
– The industry is recovering fast; PMI was already 52% in June, in the same month energy consumption and industry occupation levels
reverted the negative trend and started to grow
– Commodities are returning to their normal price levels, with the exception of crude oil
– On the consumption side there are also signs of recovery: in may, retail sales started to increase reaching 93% of January levels
> The emergency aid from the government it is playing an important role for the consumption recovery
> Spending is focused on essential goods, with non-essentials lagging behind
• On the other hand, macroeconomic factors indicate that the recovery could take longer than expected:
– Brazil’s country risk is one of the highest in the world among emergent countries pushing foreign capital away
– There’s not much room left internally for the government to cut interest rates, limiting the additional potential for stimulus
– Unemployment rate increased sharply and is expected to decrease at a slow pace posing an additional challenge to the recovery
> Services and human capital intensive segments are likely to be more impacted
• On the bottom line, Brazil is expected to go back to 2019 levels of GDP only in 2022
– Some segments will be more impacted, such as commerce and industrials, while others should have an easier time navigating the crisis,
such as agriculture and mining
B R A Z I L I A N R E C O V E R Y

Brazil debt is increasing and the risk is higher when compared to other emergent
economies, which hinders foreign investment
Note: Considers Gross Debt and IBOVESPA Index on December of each year
Source: Banco Centra do Brasil, B3, LCA, Valor Econômico; World Bank; LCA.
Gross Debt (as % of GDP)
Despite the promise of structural reforms
and fiscal austerity, public spending to
fight COVID-19 raised considerably public
expenses
1
Lack of political capital
and unity is expected
to jeopardize structural
reforms and return to
fiscal austerity, at least
until 2023
2
B R A Z I L I A N R E C O V E R Y M A C R O E C O N O M I C I M P A C T
Brazil presents a high risk when compared to other
emergent economies
Gross Government Debt (% of GDP)
Government Nominal Balance Sheet (% of GDP)
High risk
Medium risk
Medium risk
Low risk
Gross debt is heading towards an all times high, driven
by increased in public spending

On the other hand, this crisis is unprecedentedly international, and interdependencies
between countries will dictate the recovery process
When compared to other countries, Brazil has low
external dependency as a percentage of its GDP
Source: World Bank; IMF; LCA.
The 2020 pandemic has caused the most global
recession ever seen
Percentage of economies facing recession (GDP per capita drop)
Brazil relies on internal economy to boost its recovery

Pace of recovery will be slower, and the personal income decrease is expected to be
sustained by the emergency aid while it lasts
Note. Source: LCA reports, Ibre FGV, MB Associados; Media Press.
Unemployment has already affected levels of income,
but, for now, government aid has compensated this drop
Projected Employment-to-population
(in %)
Unemployment levels will remain below 2019 levels
until 2022
Unlike the unemployment rate, employment-to-population already starts to
improve in mid-2020
Reduction from ~93,4M
employment-to-population
in 2019 to ~87,7M in 2020
Brazilian personal income and emergency aid
(in R$B; 3 months average; 2020 vs 2019)
Emergency aid is likely
to compensate the
personal income drop
in the short term
A second wave of layoffs
can possibly happen lead
by the efficiency increase
in major companies

Even though the economy is showing positive signs, some challenging fundamentals
should cause GDP to return to 2019 levels only in 2022
Brazilian GDP growth (in %)
After a recession and slow
recovery period, Brazilian GDP
had a positive outlook for 2020
before COVID happened
Source: LCA projections
Moreover, GDP performance
from 2021 onwards could be
jeopardized by political instability
Repressed demand is likely not going
to be enough to rebound the economy,
it should only help 2021 GDP to reach
it’s pre-COVID projections
COVID-19 completely changed
the landscape, with a steep
decline forecast for 2020
1
2
3
4

The COVID-19 crisis will hit all sectors of the Brazilian economy to different degrees
LegendNote: 1Baseline projection on Feb/20; 2Baseline projection on July/20; 32018 growth vs 2020 Post-COVID projection
Source: LCA GDP Growth projections; WTTC; FGV
2020 GDP growth projection before COVID-191
2020 GDP growth projection after COVID-192
High
Impact
Medium
Impact
Low
Impact
A S O F J U L Y 2 9
Industrials Commerce Financial Services Mineral ExtractionAgriculture
B R A Z I L I A N R E C O V E R Y S E C T O R S

There are a few drivers that will impact the economic recovery level and pace for
each sector
Commerce
Industrials
Financial
Services
Agriculture
Extractive
Main factors Negative to PositiveLow to High impactLegend:(1) Latest 2020 GDP estimation vs 2020 GDP estimation before the pandemic
GDP
Impact1
Macroeconomic Industry Factors Trade Stimulus
Main variables to keep up with
Relevance Impact Relevance Impact Relevance Impact Relevance Impact
-8,1%
• Inflation
• Unemployment rate
• Customer behavior: considering emergency aid
ending
-13,6%
• Economics of commercial partners / their
countries
– PMI for primary industry
– Consumer indexes for secondary industries
• Consumer confidence
• Exchange rate: for import of raw materials
-2,6%
• Government interest cuts: making it easier to
loan capital
• New fiscal stimulus: e.g. reduction of stocked
capital
• Percentage of dependence on foreign capital
-2,1%
• Exchange rate
• Commodities pricing
• PMI of commercial partners / their countries
-4,4%
• Domestic: consumption of essentials
• International:
– Exchange rate
– Commodities pricing

COVID-19 Fact Base and Potential Implications for Brazil - Short

COVID-19 Fact Base and Potential Implications for Brazil - Short

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