Following heavy public spending during the pandemic, Brazil’s and South Africa’s government debt has surged over the past year, exacerbating the already sizable fiscal problems both countries were facing before the onset of COVID-19. Moreover, both are now struggling in the aftermath of their largest ever economic slowdowns and contending with slower-than-expected vaccine rollouts. While both countries face significant hurdles in the years ahead and share several common economic features, we believe the outlook for South Africa is more favorable. READ MORE
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