Brazil Sees GDP Surge, Sao Paulo Stock Exchange Hits Record High for Third Straight Day

Brazil Sees GDP Surge, Sao Paulo Stock Exchange Hits Record High for Third Straight Day


The Bovespa Index, the Sao Paulo stock exchange, hit a record high for the third consecutive day on Tuesday on the news that Brazil’s GDP had increased by 1.2 percent in the first quarter of 2021 — a particularly stunning achievement given the severity of the Chinese coronavirus outbreak in the country.

President Jair Bolsonaro, a conservative, has regularly opposed coronavirus measures like business lockdowns that have negative effects on the economy. Bolsonaro has referred to the Chinese coronavirus, which he personally survived last year, as a “little cold” and urged Brazilians to “confront it like a man, not a boy.” He has also organized mass events, outraging global public health authorities, encouraging Brazilians to support local businesses and strive for normalcy.

As Brazil’s government is a federal system, however, Bolsonaro does not have the power to prevent regional governors from imposing lockdowns. The governors of Rio de

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