Brazil’s economy has returned to pre-pandemic levels, lifted by the biggest stimulus in emerging markets and a return to normal activity by many Brazilians who have ignored scientists’ calls to remain in lockdown as Covid-19 rages across the country
Brazil’s economy has returned to pre-pandemic levels, lifted by the biggest stimulus in emerging markets and a return to normal activity by many Brazilians who have ignored scientists’ calls to remain in lockdown asIn data released Tuesday, the economy grew 1.2% from the fourth quarter, boosted by agricultural exports, taking Latin America’s biggest economy back to its size at the end of 2019 before the beginning of the pandemic. Economists had forecast growth of less than 1%.
“People were up and about, generating GDP, but at a cost to public health, as we saw from the Covid numbers,” said Alberto Ramos, an economist at Goldman Sachs. But much of the growth came from pent-up demand during the pandemic, he said, adding that the country is still struggling to diversify its economy away from commodities.
“We have to grow the hard way, which is through investment and productivity growth, and that’s a challenge for Brazil,” Mr. Ramos said. As Brazilians fill shopping malls and bars, about 77 people are still dying from Covid-19 every hour in the country. More than 460,000 Brazilians have
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