October 15th, 2021


1. Brazil fully vaccinates 100 million people

Brazil reached its milestone target of 100 million people fully vaccinated against COVID-19, which represents 47% of the total population and 62.5% of the vaccination campaign’s target. The average number of shots administered in a day was 1.2 million.

The Ministry of Health said it will distribute 350 million more vaccines in 2022 and administer two more doses – six months apart – to people over 60 years old. A booster shot will be made available for people up to 59 years old.

The vaccines used in Brazil include CoronaVac, AstraZeneca, and Pfizer. The single dose Janssen vaccine is also in use. The government plans to cease administering CoronaVac next year.

CNN: Brasil tem 100 milhões de pessoas com esquema vacinal completo contra a Covid-19
Poder360: Brasil alcança marca de 100 milhões de totalmente vacinados contra a covid
G1: Governo Bolsonaro prioriza Pfizer e AstraZeneca para 2022 e deixa Coronavac de fora

2. Brazil tries to move forward on carbon credit rules

During an event at the American Chamber of Commerce (Amcham) in Brazil, Chamber of Deputies Vice-President Marcelo Ramos said he plans to approve Bill 528/2021, which seeks to regulate the Brazilian Market for Emission Reduction. Ramos’ goal it to approve the bill before the COP26 meeting on November 1st.

Bill 528 is currently being analyzed by the Environment and Sustainable Development Committee. Members of Congress are trying to reach a deal to approve the bill but do not agree on whether it will be approved before or after the climate meeting.

Meanwhile, fossil fuel organizations released a document asking the federal government to revise emission cut commitments, regulate the carbon market, and set more ambitious climate goals.

Poder360: Marcelo Ramos diz que pretende aprovar projeto sobre emissões de carbono
O Globo: Empresas pedem metas mais ambiciosas do Brasil na Cúpula do Clima
Folha de S. Paulo: Startups brasileiras vão apresentar soluções para o clima na COP26

3. Commodities account for 70% of Brazil’s exports

Data from Fundação Getúlio Vargas’ (FGV) Foreign Trade Index (ICOMEX) shows that agriculture and mining commodities, such as soy and iron ore, account for 70% of Brazilian exports from January to July 2021.

This amount represents a 10% increase compared to the same period in 2019. In 2020, the index stood at 67.5%.

According to FGV, in the last 10 years, the range of commodity exports has narrowed. Furthermore, experts noticed that raw materials are in higher demand, which indicates they have less added value.

Valor Econômico: Commodities aproveitam preço e são 70% da exportação
Poder360: Commodities representam quase 70% da exportação do Brasil

4. Paulo Guedes participates in G20 meeting in Washington

Economy Minister Paulo Guedes traveled to Washington DC on Monday (10/11) to take part in a series of meetings with the International Monetary Fund (IMF) and the World Bank.

According to the Ministry of Economy, in one of the meetings, Guedes complimented the Organization for Economic Co-Operation and Development’s (OECD) July 2021 international agreement to tax global companies. According to Guedes, “the deal will provide a more efficient and equal tax system.”

In another meeting, the minister explained Brazil’s inflation by saying that the increase in prices is a global phenomenon caused by the pandemic, which mostly affects food and electricity prices.

Folha de S. Paulo: Guedes elogia acordo para imposto mínimo sobre empresas em encontro do G20
Valor Econômico: Ministro da Economia viaja a Washington para reunião do FMI e com ministros do G-20
O Globo: Guedes viaja a Washington para participar de reunião do FMI e Banco Mundial

5. IMF reduces Brazil’s 2022 GDP projection

According to the World Economy Perspective report published by the International Monetary Fund (IMF) on Tuesday (10/12), Brazil’s GDP is expected to grow by 1.52% in 2022, a reduction from the previously projected 1.9%.

The IMF also reduced its projection for 2021 GDP growth by 0.1%, from 5.3% to 5.2%.

Unlike positive predictions made for other developing countries, these new negative projections for Brazil are based on high expected inflation, tax uncertainty, and the effects of the pandemic.

Estado de São Paulo: FMI reduz projeção de crescimento do Brasil para 5,1% em 2021 e para 1,5% em 2022
G1: FMI reforça riscos de inflação, mas diminui pouco a projeção de crescimento global
O Globo: FMI corta projeção para crescimento do Brasil de 5,3% para 5,2% este ano e de 1,9% para 1,5% em 2022
International Monetary Fund: World Economic Outlook