The pandemic presents new challenges for the world economy

While governments are taking sanitary measures to stem the advancement of the new coronavirus, they are also accounting for the negative effects the pandemic has had on their economies.

International projections expect decline in the GDP of many countries for 2020. However, each nation has announced policy packages to minimize bankruptcies of companies with liquidity problems, reduce unemployment and offer some type of financial support to those who have been deprived of their sources of income.

The reality is even more challenging if we take into account the situation in developing countries, which have a high rate of informality in the workforce and a lower debt capacity. In addition, tourism has declined and commodity prices – which are relevant to tax revenues in countries that depend on natural resources – have also fallen.

Aware of these issues, the economist Otaviano Canuto confirmed his presence at the Brazil Africa Forum 2020. From Washington, where he serves as an economic and political consultant, Canuto seeks to contribute to the debate on the post-pandemic world and intends to help design new economic strategies for Brazil and the African continent.

“The Brazil Africa Forum 2020 will provide a great opportunity to listen to, update myself, and learn from other participants about the recent evolution on both sides. Always keeping eyes and mind open to locate opportunities for collaboration”.

Otaviano Canuto was Vice President and Executive Director of the World Bank, Executive Director of the International Monetary Fund (IMF) and Vice President of the Inter-American Development Bank. He was also Deputy Minister of International Affairs for the Brazilian Ministry of Finance.