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Weekly Report - 16 September 2021 (WR-21-37)

BRAZIL: Clouds hang over economic outlook

Confidence in Brazil’s economic performance is waning. The Brazilian economy shrank 4.1% last year due to the coronavirus (Covid-19) pandemic, less than most of its neighbours, and then recovered with an unexpectedly strong performance in the first quarter of this year, expanding by 1.2% compared with the previous quarter. However, there are signs that the recovery is slowing, with quarterly GDP contracting by 0.1% in the second quarter, according to the national statistics institute (Ibge), and a series of recent forecasts show that economists believe growth will be mediocre next year.

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