History

Corporate income tax reform
The proposal brings Brazil closer to the international standard of corporate taxation

Personal income tax reform
The proposal affects around 30 million people

10 FAQs - Reform of Income and Profit Taxes
The proposal is being debated in Congress

When will economies return to pre-pandemic GDP?
A full GDP recovery will likely be achieved in 2021 in most developed countries, but not until 2022 or later in EMs (ex. China)

China Outlook
We forecast GDP at 8.5% in 2021 and at 5,8% in 2022

Electricity: Rainfall and Rationing Risks
Rationing is still very unlikely (probability under 5%)

We forecast 5% GDP growth in 2021
GDP continues to expand in 2021H1