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LatinNews Regional Monitor: Brazil & Southern Cone - 16 April 2020
In brief: Business confidence at all-time low in Brazil
* Brazil’s Confederação Nacional das Indústrias (CNI), a private sector lobby, has released the results of its measure of business confidence in the industrial sector (Icei) for April, showing business confidence is at its lowest point since the series began in January 2010. The Icei stands at 34.5 points for April (on a scale of 0 to 100), having fallen an unprecedented 25.8 points from March. Previously, the record for a monthly fall had been 5.8 points, registered in June 2018 during a lorry drivers’ strike that paralysed the economy. The CNI notes that this fall in business confidence is a reflection of the contraction in economic activity and high levels of uncertainty due to the coronavirus (Covid-19) pandemic, and shows little confidence that the scenario will improve in the short term. “The fall in business confidence will contribute to the paralysation of investments, that is to say, to the worsening of the economic crisis”, the CNI concludes.
