Market Research Report
Payments Snapshot in Brazil - Coronavirus (COVID-19) Sector Impact
|Published by||GlobalData||Product code||951630|
|Published||Content info||23 Pages
Delivery time: 1-2 business days
|Payments Snapshot in Brazil - Coronavirus (COVID-19) Sector Impact|
|Published: July 21, 2020||Content info: 23 Pages||
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020.
The IMF anticipates a 5.3% decline in Brazil's GDP in 2020, while unemployment will rise to 14.7%. This will impact the country's payments industry. To mitigate the impact of COVID-19, the authorities have announced a series of fiscal measures adding up to around $236bn (12.73% of the country's GDP) to date.
In an attempt to avoid or mitigate contraction in the overall economy, the government has launched several schemes. On April 1, 2020 the government launched the Emergency Employment Maintenance Program to provide financial aid for working individuals whose income is impacted due to reduced working hours, wages, or the suspension of contracts. The program is estimated to benefit 24.5 million workers and preserve 8.5 million jobs, costing the government BRL51.2bn ($12.7bn).
This report focuses on the impact of the coronavirus outbreak on both the economy and the cards and payments industry in Brazil. Based on our proprietary datasets, the snapshot provides a detailed comparison between pre-COVID-19 forecasts and revised forecasts of total payment card, debit card, and credit and charge card transactions by value and volume. It also offers information on measures taken by the government to combat coronavirus.