How coronavirus broke Brazil's economic dream
Business Daily
BBC
4.4 • 816 Ratings
🗓️ 6 May 2020
⏱️ 19 minutes
🧾️ Download transcript
Summary
Could economy minister Paulo Guedes be the next key ally to abandon embattled President Bolsonaro?
A corruption scandal has already seen the popular justice minister walk away. Meanwhile Bolsonaro fired his health minister as he seeks to reverse his own government's lockdown on the economy. With the official number of Covid 19 cases in the country surpassing 100,000, we hear the frustration of a doctor on the frontline.
As for the economy minister, the BBC's South America business correspondent Daniel Gallas explains how this proponent of spending cuts and privatisation is coming to terms with a hugely expensive income support programme backed by Bolsonaro. Plus economist Monica de Bolle of the Peterson Institute explains why she fears that despite these measures, her country could be on the verge of a depression.
Presenter: Manuela Saragosa Producer: Laurence Knight
(Photo: People using protective masks wait in line outside a Caixa Economica Federal bank branch in Sao Goncalo, Brazil, to receive urgent government benefit amidst the coronavirus pandemic. Credit: Getty Images)
Transcript
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| 0:00.0 | Hello and welcome to Business Daily from the BBC with me, Manuela Saragossa. |
| 0:07.0 | Coming up, small government and laissez-faire economy. |
| 0:10.8 | That was the economic dream of Brazil's government under President Bolsonaro. |
| 0:15.4 | But the coronavirus pandemic is upending that. |
| 0:18.6 | So he had to make this huge leap. |
| 0:21.3 | You know, a man who was saving money for the next 10 years in Brazil now has been spending all that money in just one year. |
| 0:27.7 | We'll hear how the pandemic is adding to the country's economic and political woes. |
| 0:32.6 | The fear that I have and the biggest risk is that the levels of GDP contraction that we're talking about |
| 0:39.1 | are depression levels that would lead to a generalized fall in prices. It's a catastrophic scenario. |
| 0:45.2 | That's all here in Business Daily catch the coronavirus. |
| 1:01.0 | It's been in lockdown now for almost two weeks, |
| 1:03.8 | but the outbreak shows no signs of abating, |
| 1:06.2 | and many of Brazil's hospitals are overwhelmed. |
| 1:15.5 | Okay. and many of Brazil's hospitals are overwhelmed. My name is Livia and I'm intensive care doctor at a private hospital in Sao Paulo, Brazil. |
| 1:21.5 | I'm starting to my shift today, but I've been working about 80 to 100 hours a week since the pandemic because I always have to cover shifts for those who got sick. |
| 1:32.2 | So it's not being easy. |
| 1:34.3 | I work in a 27 bed ICU. |
| 1:37.3 | All of our patients are COVID-19 patients. |
| 1:40.7 | I have all kinds of patients here. |
| 1:43.0 | A 27-year-old girl who is very sick. She's on mechanical ventilation |
| 1:48.0 | for like 10 days already, and she's not getting better yet. I have a couple of 50-year-olds actually |
| 1:55.5 | married. The husband told me that he knew that his wife was here, but he didn't want her to know he was dead |
... |
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