BRAZILIANS WANT TO WORK
Brazilians want to work and they need to work. Those who run their own small businesses, such as mini-marts in small villages that also serve as bars and restaurants, cannot afford to close down for a month. Many of them are part of the informal economy, practically of the state’s radar.
Higher unemployment creates risks that go beyond the demand shock of little business and consumer spending.
Covid-19 is three times less lethal in Brazil than in Italy
Brazil confirmed 29039 confirmed cases. Total of deaths: 1760 - total recovered 14.030. The lethality rate of the disease is 6.1%.
For Brazil, one of the bigger problems is that informal economy accounts for roughly 35% of GDP. Around a third of the Brazilian working class are considered poor.
BNP Paribas is estimating that 15 out of 25 emerging market sovereigns are at risk. Brazil will go from BB+ to BB. India from BBB+, investment grade, to BBB, still investment grade.
More than 600,000 small businesses closed their doors in Brazil due to the pandemic.
"Between dying of viruses and a larger portion that could die of hunger, depression and suicide, there is a very big difference," said President Bolsonaro.
Tags: Brazil, lethality , Covid-19, Bolsonaro, unemployment , disease