Brazil recorded 79,069 additional confirmed cases of the novel coronavirus in the past 24 hours, along with 2,438 deaths from COVID-19, the Health Ministry stated. Brazil has registered nearly 12 million cases since the pandemic began, while the official death toll has risen to 292,752, Reuters quoted the ministry data as saying. As of March 18, 2021, Brazil was the country with the highest number of confirmed cases of COVID-19 in Latin America, surpassing the 11.7 million mark. By state, São Paulo ranked first, with over 2.2 million cases.
The COVID-19 pandemic has exposed Brazil to an exceptional challenge. This pandemic is expected to plunge Brazil into another economic recession which will be felt across the spectrum from smaller firms in sectors with high face-to-face interactions as well as state and municipal governments that are highly exposed to the crisis. The infrastructure sector, including energy, water, and transport, due to their strategic nature in the economy pose potential contingent liabilities for the government.
The financial sector was in a position of strength when the COVID-19 crisis started, and it will play a critical role during both the crisis and the recovery phase. Brazil has already put in place significant measures to address the economic crisis. Beyond the immediate containment of the crisis, Brazil will need to focus on laying the groundwork for a speedy and equitable recovery.