This paper aims to illustrate the current economic situation in Brazil by citing the main reasons for the significant worsening of the country's economic scenario, giving focus to the critical consequences generated by the COVID-19 pandemic for the national economy, which include: public health crisis, political instability, rise in inflation, increase in fuel and retail product prices, high unemployment rate and deteriorating quality of life for a large part of the country’s population. Additionally, this study also presents an economic outlook made by specialists and economists regarding the economic recovery of Brazil, which reinforces the indispensability of the implementation of new economic strategies and long-term action plans by the government in order to revert the current economic situation of the country back to its past glory. Throughout this paper, recent data from official sources for the years 2020 will be addressed with regard to values and percentages related to the Gross Domestic Product (GDP), exchange rate fluctuation, inflation, unemployment rate, among others.
1. Main economic activities in Brazil
2. Current economic situation in Brazil
3. Currency fluctuation
4. Inflation
5. Unemployment
6. Brazil Procurement Market Outlook
7. Brazil's economic outlook