December 15th local time, according to the latest report released by the Vagas Foundation, a well-known Brazilian think tank, the country’s national GDP growth and per capita GDP level are expected to fall to the lowest level in the same period in 120 years between 2011 and 2020.
Citing market forecasts from the Central Bank of Brazil and the International Monetary Fund, the survey said that Brazil’s national GDP growth rate will be -4.4% in 2020, while per capita GDP will decline by 5.1%.
The report said that if the data proves accurate, Brazil’s average annual GDP growth rate in the past decade will be 0.2%, which will be the lowest in the same period since the beginning of the last century.
In terms of GDP per capita, it is predicted that the average annual decline rate of this value between 2011 and 2020 is 0.6%, the largest decline since the last century.
The researchers pointed out that among the 14 largest economies in the world, Brazil has ranked second from the bottom in GDP development in the past decade, only higher than that of Italy, which was affected by the COVID-19 epidemic and the debt crisis since 2011, while the average annual decline in GDP per capita reached 1.2%.
Economic analysts believe that although the COVID-19 epidemic has damaged Brazil’s economic activities, the cause of the recession cannot be blamed entirely on the epidemic.
Judging from the actual economic performance, even without the epidemic, Brazil’s economic growth will be very slow. Professionals pointed out that the decline in statistics reflects the continued downturn in economic activity in Brazil in recent years, and the emergence of the epidemic has brought this setback to a peak.